<SEC-DOCUMENT>0000928816-13-002086.txt : 20131230
<SEC-HEADER>0000928816-13-002086.hdr.sgml : 20131230
<ACCEPTANCE-DATETIME>20131230153729
ACCESSION NUMBER:		0000928816-13-002086
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20131031
FILED AS OF DATE:		20131230
DATE AS OF CHANGE:		20131230
EFFECTIVENESS DATE:		20131230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK INVESTORS TRUST
		CENTRAL INDEX KEY:			0000759828
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		131302937

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a_investorstrust.htm
<DESCRIPTION>JOHN HANCOCK INVESTORS TRUST
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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>UNITED STATES</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>FORM N-CSR</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>&nbsp;</FONT></B></TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>&nbsp;</FONT></B></TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>Investment Company Act file number </FONT><U><FONT size=3 face=sans-serif>811-4173</FONT></U>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><U><FONT size=3 face=sans-serif>John Hancock Investors Trust</FONT></U>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><U><FONT size=3 face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 align=center><FONT size=3 face=sans-serif>Salvatore Schiavone</FONT></TD></TR>

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   <TD width="99%" colSpan=2 align=center><FONT size=3 face=sans-serif>Treasurer</FONT></TD></TR>

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   <TD width="99%" colSpan=2 align=center><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>601 Congress Street</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><U><FONT size=3 face=sans-serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=left><FONT size=3 face=sans-serif>Registrant's telephone number, including area code: </FONT><U><FONT size=3 face=sans-serif>617-663-4497</FONT></U>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=left><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=3 face=sans-serif>Date of fiscal year end:</FONT>&nbsp;</TD>

   <TD width="74%" noWrap align=left><FONT size=3 face=sans-serif>October 31</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=3 face=sans-serif>Date of reporting period:</FONT>&nbsp;</TD>

   <TD width="74%" noWrap align=left><FONT size=3 face=sans-serif>October 31, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>ITEM 1. REPORTS TO STOCKHOLDERS.</FONT></P></DIV>









































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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Management&#8217;s discussion of<BR></FONT></B><FONT face=serif size=7>Fund performance</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>By John Hancock Asset Management a division of Manulife Asset Management (US) LLC</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>U.S. bonds </FONT></B><FONT face=serif size=2>posted negative overall returns for the 12 months ended October 31, 2013. Bond yields were relatively stable for the first half of the period despite moderate signs of improving economic growth and federal government conflicts over the fiscal cliff and the sequester. In May, however, the U.S. Federal Reserve (Fed) announced that it planned to begin tapering its quantitative easing activity before the end of the year. In response, bond yields rose sharply and mortgage rates increased. Although the Fed postponed its tapering plans late in the period, bond yields rose overall during the 12 months, resulting in lower bond prices. From a sector perspective, high-yield corporate bonds generated the best returns for the period, while investment-grade corporate bonds and U.S. Treasury securities declined.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>For the 12 months ended October 31, 2013, John Hancock Investors Trust produced a total return of 5.09% at net asset value (NAV) and &#8211;5.66% at closing market value. The fund&#8217;s return at NAV and its return at market value differ because the market share price is subject to the dynamics of secondary market trading, which could cause it to trade at a discount or premium to the fund&#8217;s NAV at any time. By comparison, the average leveraged closed-end investment-grade bond fund tracked by UBS Securities LLC returned 0.50% at NAV and &#8211;6.55% at closing market value. The Barclays Government/Credit Bond Index, returned &#8211;1.45%. The index does not include below-investment-grade bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund&#8217;s outperformance of its benchmark index resulted primarily from sector allocation. In particular, the fund benefited from a meaningful position in high-yield corporate bonds, which comprised a substantial portion of the portfolio but are not represented in the benchmark, and an overweight position in commercial mortgage-backed securities. These two segments of the bond market posted the highest returns for the 12 months. An underweight position in U.S. Treasury bonds, the weakest-performing segment of the bond market, also contributed positively to fund results compared with the benchmark index. The fund&#8217;s investment-grade corporate bond holdings detracted from overall performance, but an emphasis on bonds issued by financial companies added value as finance-related securities posted positive returns, benefiting from robust demand for their relatively high yields.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>This commentary reflects the views of the portfolio managers through the end of the period discussed in this report. The managers&#8217; statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Past performance is no guarantee of future results.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>The fund is subject to interest-rate and credit risk. When interest rates rise, bond prices usually fall. Higher-yielding bonds are riskier than lower-yielding bonds, and their value may fluctuate more in response to market conditions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>Foreign investing, especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability.</FONT></P>

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   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>6</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=7>Portfolio summary</FONT></P>

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   <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Portfolio Composition</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp;</TD>

   <TD noWrap align=left width="23%">&nbsp;</TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="23%">&nbsp;</TD>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Corporate Bonds</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>71.2%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Asset Backed Securities</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1.0%</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1>

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</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>U.S. Government Agency</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>9.9%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Convertible Bonds</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>0.9%</FONT>&nbsp;</TD></TR>

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</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

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</FONT></TD></TR>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>U.S. Government</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>8.0%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Term Loans</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>0.7%</FONT>&nbsp;</TD></TR>

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</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

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</FONT></TD></TR>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Collateralized Mortgage Obligations</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>5.5%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Preferred Securities</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>0.4%</FONT>&nbsp;</TD></TR>

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</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Foreign Government Obligations</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>2.2%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Capital Preferred Securities</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>0.2%</FONT>&nbsp;</TD></TR>

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</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

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   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Quality Composition</FONT></B><B><SUP><FONT face=sans-serif size=1>1,2</FONT></SUP></B>&nbsp;</TD>

   <TD noWrap align=left width="23%">&nbsp;</TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="23%">&nbsp;</TD>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>U.S. Government</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>8.0%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>BB</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>18.1%</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

   <HR noShade SIZE=1>

</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

   <HR noShade SIZE=1>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>U.S. Government Agency</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>9.9%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>B</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>29.1%</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

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</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>2.6%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>CCC &amp; Below</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>11.7%</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

   <HR noShade SIZE=1>

</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>AA</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1.4%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Not Rated</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1.4%</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

   <HR noShade SIZE=1>

</FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="46%" colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>A</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>5.2%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Preferred Securities</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>0.4%</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

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</FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left colSpan=2><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif color=#000000 size=1>

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   <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp;</TD>

   <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>12.2%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="23%">&nbsp;</TD>

   <TD noWrap align=left width="23%">&nbsp;</TD></TR>

<TR>

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</TD>

   <TD width="8%"></TD>

   <TD width="46%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>As a percentage of the fund&#8217;s total investments on 10-31-13.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Ratings are from Moody&#8217;s Investors Service, Inc. If not available, we have used Standard &amp; Poor&#8217;s Ratings Services. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. &#8220;Not Rated&#8221; securities are those with no ratings available from these agencies. All ratings are as of 10-31-13 and do not reflect subsequent downgrades or upgrades, if any.</FONT></P>

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<TR>

   <TD width="85%"></TD>

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<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left><FONT face=sans-serif size=2>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=7>Fund&#8217;s investments</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>As of 10-31-13</FONT></P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="31%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="8%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="69%" colSpan=4><B><FONT face=sans-serif size=1>Corporate Bonds 104.4% (71.2% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="30%" colSpan=2><B><FONT face=sans-serif size=1>$180,531,911</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>(Cost $174,200,358)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Consumer Discretionary 16.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>28,196,574</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Auto Components 1.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Allison Transmission, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>550,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>592,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>American Axle &amp; Manufacturing, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>526,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>The Goodyear Tire &amp; Rubber Company</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,200,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,290,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Automobiles 0.8%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Chrysler Group LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,240,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,402,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Diversified Consumer Services 0.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Outerwall, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>488,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp; </FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Hotels, Restaurants &amp; Leisure 3.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Downstream Development Authority of the</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Quapaw Tribe of Oklahoma (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-01-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>496,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>GLP Capital LP (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,285,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,294,638</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Greektown Superholdings, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>13.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-01-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,179,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,274,331</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Grupo Posadas SAB de CV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-30-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>600,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>614,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Little Traverse Bay Bands of Odawa Indians (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-31-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>298,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>292,040</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Mohegan Tribal Gaming Authority (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,002,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Waterford Gaming LLC (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-15-14</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>565,577</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>158,362</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Household Durables 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Corporacion GEO SAB de CV (H)(S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-30-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>KB Home</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>320,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>329,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Standard Pacific Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>140,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>162,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Internet &amp; Catalog Retail 0.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>QVC, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.950</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-43</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>895,916</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Leisure Equipment &amp; Products 0.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Easton-Bell Sports, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-01-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>465,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>489,998</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Media 6.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Cinemark USA, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>365,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>399,675</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Clear Channel Communications, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,221,235</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>DIRECTV Holdings LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>355,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>401,690</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Gray Television, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>310,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>324,725</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Myriad International Holdings BV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-18-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>440,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>468,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>News America, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-20-24</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>980,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,183,807</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sinclair Television Group, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>830,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>854,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sirius XM Radio, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,070,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="49%"></TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>8</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="31%"></TD>

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   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Media (continued)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

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</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Time Warner Cable, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>375,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$439,483</FONT>&nbsp;</TD></TR>

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   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Videotron, Ltd.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-15-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>301,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>WMG Acquisition Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,050,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>WMG Acquisition Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>685,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>792,031</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Multiline Retail 0.9%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Macy&#8217;s Retail Holdings, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-15-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>215,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>243,042</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Michaels Stores, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-01-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,286,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,318,163</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Specialty Retail 1.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Automotores Gildemeister SA (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-24-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>720,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>658,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Hillman Group, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>290,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>314,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Toys R Us Property Company II LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-01-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>225,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>232,313</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Toys R Us, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>660,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>618,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Textiles, Apparel &amp; Luxury Goods 0.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Hot Topic, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>230,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>240,925</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>PVH Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>550,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>602,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Consumer Staples 6.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>11,502,729</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Beverages 2.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Ajecorp BV (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-14-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,010,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Corporacion Lindley SA (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-12-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>955,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Crestview DS Merger Sub II, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,005,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,045,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>SABMiller Holdings, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>750,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>768,677</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Commercial Services &amp; Supplies 0.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>ARAMARK Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>170,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>178,075</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Food &amp; Staples Retailing 0.6%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Office Depot de Mexico SA de CV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-20-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>610,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>623,725</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Tops Holding Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>400,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>440,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Food Products 2.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Bunge, Ltd. Finance Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.350</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-14</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,015,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,035,272</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Corporacion Pesquera Inca SAC (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-10-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,350,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,350,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Marfrig Holding Europe BV (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-09-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>600,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>565,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Marfrig Holding Europe BV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-24-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>600,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>599,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>TreeHouse Foods, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>185,063</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Household Products 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Reynolds Group Issuer, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>390,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>413,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>The Sun Products Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>260,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>234,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Tobacco 1.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Lorillard Tobacco Company (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>720,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>839,567</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Vector Group, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,200,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,260,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Energy 17.6%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>30,467,558</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Energy Equipment &amp; Services 5.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Astoria Depositor Corp., Series B (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.144</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>750,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>727,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>EDC Finance, Ltd. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-17-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>992,500</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Forbes Energy Services, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>295,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>297,950</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Hercules Offshore, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>550,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>574,750</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Inkia Energy, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-04-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,400,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,484,000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Key Energy Services, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>750,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>763,125</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left width="81%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>9</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

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   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Energy Equipment &amp; Services (continued)</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Offshore Group Investment, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$2,035,000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Permian Holdings, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>800,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>790,000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>RKI Exploration &amp; Production LLC (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>565,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>587,600</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>TMK OAO (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-03-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>600,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>586,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

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   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Oil, Gas &amp; Consumable Fuels 12.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Afren PLC (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-01-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,282,500</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Alpha Natural Resources, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>740,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>627,150</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Arch Coal, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-01-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>700,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>700,000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Carrizo Oil &amp; Gas, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,200,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,308,000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Clayton Williams Energy, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,070,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,094,075</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>CNOOC Finance 2012, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-02-42</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>980,624</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>DTEK Finance BV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-28-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>161,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>161,242</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>EV Energy Partners LP (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>405,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>405,000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Georgian Oil and Gas Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-16-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,563,750</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Indo Energy Finance II BV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-24-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>263,250</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Linn Energy LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,360,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,448,400</FONT>&nbsp;</TD></TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Lukoil International Finance BV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.563</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-24-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>956,250</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>McMoRan Exploration Company (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-14</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,700,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,704,459</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Niska Gas Storage US LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>565,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>590,425</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=6>

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<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Pacific Rubiales Energy Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-28-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>705,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>675,038</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Pan American Energy LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-07-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,100,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,133,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Petrobras International Finance Company (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-27-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>508,222</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Plains All American Pipeline LP (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,182,485</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Plains Exploration &amp; Production Company (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-15-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>750,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>830,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Samson Investment Company (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,885,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,035,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Valero Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-01-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>205,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>214,233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Valero Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>205,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>236,792</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>W&amp;T Offshore, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>675,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>727,313</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Financials 20.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>34,879,098</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Capital Markets 3.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

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<TR>

   <TD width="99%" colSpan=6>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>E*TRADE Financial Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,070,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

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</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Morgan Stanley (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.800</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-29-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,056,640</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Morgan Stanley (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-25-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,144,578</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>The Goldman Sachs Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-27-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>990,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,092,349</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>The Goldman Sachs Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-01-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,156,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Commercial Banks 4.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Banco Bradesco SA (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>505,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Barclays Bank PLC (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.179</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-12-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>195,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>258,166</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>BBVA Bancomer SA (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-10-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,082,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>GTB Finance B.V. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-19-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>285,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>302,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>National City Bank of Indiana (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,164,124</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sberbank of Russia (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-07-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,083,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>State Bank of India (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-27-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>515,446</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>VTB Bank OJSC (9.500% to 12-6-22, then 10</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Year U.S. Treasury + 8.067%) (Q)(S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-06-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,093,800</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>10</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left width="31%">&nbsp;</TD>

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   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Consumer Finance 3.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

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   <TD noWrap align=left width="8%">&nbsp;</TD>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>American Express Credit Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-25-14</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$1,037,783</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>DTEK Finance PLC (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-04-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,800,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>SLM Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-25-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,800,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,718,336</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>SLM Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.450</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>485,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>566,238</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Springleaf Finance Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>543,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Diversified Financial Services 4.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Alfa Bank OJSC (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-28-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>326,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Bank of Ceylon (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-03-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,025,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Cementos Progreso Trust (C)(S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-06-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>425,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>427,937</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>CorpGroup Banking SA (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>890,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Corporacion Andina de Fomento (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>690,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>721,896</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Gruposura Finance (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.700</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-18-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>440,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>455,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Intercorp Retail Trust (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-14-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>305,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>324,825</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Jack Cooper Finance Company (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>325,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>343,688</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Jefferies Finance LLC (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>513,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>JPMorgan Chase &amp; Company (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.450</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,107,502</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Leucadia National Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-18-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>504,610</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Nationstar Mortgage LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>375,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>387,891</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Insurance 1.8%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>CNA Financial Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.350</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>655,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>807,075</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Lincoln National Corp. (7.000% to 5-17-16,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>then 3 month LIBOR + 2.358%) (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-17-66</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>370,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>382,025</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>MetLife, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.817</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,213,449</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Symetra Financial Corp. (8.300% to 10-15-17,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>then 3 month LIBOR + 4.177%) (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.300</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-15-37</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>520,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>530,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Willis North America, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-29-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>215,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>251,575</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Investment Companies 0.6%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>IPIC GMTN, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,110,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Real Estate Investment Trusts 1.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>DuPont Fabros Technology LP (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>835,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>855,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Health Care REIT, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>345,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>397,293</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Plum Creek Timberlands LP (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>345,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>376,142</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Servicios Corporativos Javer SAPI de CV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-06-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>980,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="46%" colSpan=2><B><FONT face=sans-serif size=1>Real Estate Management &amp; Development 1.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Country Garden Holdings Company, Ltd. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-10-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>199,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Country Garden Holdings Company, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-23-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,116,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>General Shopping Investments, Ltd.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>(12.000% to 3-20-17, then 5 Year USGG +</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>11.052%) (Q)(S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>12.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-20-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>440,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Health Care 2.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>3,657,146</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Health Care Providers &amp; Services 1.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>AmerisourceBergen Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,006,890</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Envision Healthcare Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>108,630</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>HCA, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-15-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>130,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>146,088</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Tenet Healthcare Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>305,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>322,538</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Tenet Healthcare Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>585,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>640,575</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="81%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="31%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="8%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Pharmaceuticals 0.8%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Endo Health Solutions, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,345,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$1,432,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Industrials 9.8%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>16,863,216</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Aerospace &amp; Defense 0.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Ducommun, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>160,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>178,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Kratos Defense &amp; Security Solutions, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>400,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>436,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>TransDigm, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>495,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>532,125</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Air Freight &amp; Logistics 0.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>syncreon Group BV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>202,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Airlines 3.9%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Air Canada 2013-1 Class C Pass Through</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Trust (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>983,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>American Airlines 2011-1 Class B Pass Through</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Trust (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-31-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,147,765</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,196,545</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Continental Airlines 1999-1 Class A Pass</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Through Trust (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.545</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-02-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>187,721</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>204,616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Continental Airlines 2000-2 Class B Pass</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Through Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.307</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-02-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>92,787</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>95,687</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Delta Air Lines 2007-1 Class A Pass Through</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Trust (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.821</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-10-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>625,657</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>696,044</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>TAM Capital 3, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-03-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>505,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>520,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>TAM Capital, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-25-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>860,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>883,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>UAL 2009-1 Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.400</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-01-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>194,481</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>219,764</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>UAL 2009-2A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>471,095</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>540,582</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>VRG Linhas Aereas SA (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-12-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,332,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Building Products 0.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Nortek, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>235,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>257,619</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Voto-Votorantim Overseas Trading Operations</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>NV (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-25-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>160,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>181,840</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Commercial Services &amp; Supplies 0.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Garda World Security Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>765,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>826,124</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Iron Mountain, Inc.</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>417,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>450,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Construction &amp; Engineering 0.8%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Aeropuertos Argentina 2000 SA (S) </FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,335,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,321,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Electrical Equipment 1.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Artesyn Escrow, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,355,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,392,263</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Coleman Cable, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>295,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>313,438</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Industrial Conglomerates 0.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Hutchison Whampoa International, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-11-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>385,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>409,509</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Tenedora Nemak SA de CV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-28-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>496,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Machinery 0.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Victor Technologies Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>260,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>279,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Marine 0.6%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Navios Maritime Acquisition Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>830,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>838,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Navios South American Logistics, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>216,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Transportation Infrastructure 1.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>CHC Helicopter SA</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,720,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,857,600</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="49%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>12</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="31%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="8%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Information Technology 2.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$4,007,851</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Computers &amp; Peripherals 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Seagate HDD Cayman (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>565,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>624,325</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="46%" colSpan=2><B><FONT face=sans-serif size=1>Electronic Equipment, Instruments &amp; Components 0.9%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>CDW LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>325,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>355,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Freescale Semiconductor, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>186,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>201,113</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Viasystems, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-01-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,065,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>IT Services 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Brightstar Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-01-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>700,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>770,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Software 0.6%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Aspect Software, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>615,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>628,838</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Blackboard, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>360,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>362,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Materials 10.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>17,544,087</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Chemicals 0.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Rentech Nitrogen Partners LP (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>430,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>417,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Construction Materials 2.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Cemex SAB de CV (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-11-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,087,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>China Shanshui Cement Group, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-25-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>350,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>361,375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Magnesita Finance, Ltd. (Q)(S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-05-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>980,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Votorantim Cimentos SA (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-05-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>985,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Vulcan Materials Company (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>134,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Containers &amp; Packaging 2.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>AEP Industries, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>355,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>383,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Berry Plastics Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>587,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Cascades, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>256,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Graphic Packaging International, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>236,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>256,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Pretium Packaging LLC</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>160,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>172,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sealed Air Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,717,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Tekni-Plex, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>199,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>224,870</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Metals &amp; Mining 5.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>AngloGold Ashanti Holdings PLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-01-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>888,538</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>APERAM (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>304,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Bluescope Steel, Ltd. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>516,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>CSN Islands XI Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-21-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>250,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>263,125</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Essar Steel Algoma, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>480,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Evraz Group SA (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-22-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>950,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Ferrexpo Finance PLC (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-07-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>600,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>578,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Metinvest BV (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-14-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>555,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,888</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>MMC Finance, Ltd. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.550</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-28-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>200,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Rain CII Carbon LLC (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-01-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>945,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>975,713</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Rio Tinto Finance USA, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-15-28</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>710,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>891,270</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Severstal OAO (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.450</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-19-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>985,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>SunCoke Energy, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-01-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>105,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>112,613</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>United States Steel Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,035,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Paper &amp; Forest Products 0.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Boise Paper Holdings LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>515,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>583,495</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sappi Papier Holding GmbH (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-32</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>77,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sappi Papier Holding GmbH (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>600,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>636,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="81%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>13</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Telecommunication Services 15.6%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$27,008,614</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="46%" colSpan=2><B><FONT face=sans-serif size=1>Diversified Telecommunication Services 6.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Cincinnati Bell, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>625,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>665,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Frontier Communications Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-15-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>530,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>577,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Frontier Communications Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>435,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>496,988</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>GTP Acquisition Partners I LLC (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.628</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>620,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>669,294</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>GXS Worldwide, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>430,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>440,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sable International Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>250,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>263,125</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Satelites Mexicanos SA de CV (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,404,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,519,830</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>T-Mobile USA, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.464</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-28-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>495,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>524,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>T-Mobile USA, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.731</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-28-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>205,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>216,531</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>T-Mobile USA, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.836</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-28-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>855,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>904,163</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Telecom Italia Capital SA</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.175</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-18-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>550,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>610,276</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Wind Acquisition Finance SA (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,750,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,841,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Wind Acquisition Finance SA (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,062,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Wind Acquisition Holdings Finance SA, PIK (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>12.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,723,867</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,754,035</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Wireless Telecommunication Services 8.9%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Bharti Airtel International Netherlands BV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-11-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>600,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>562,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Colombia Telecomunicaciones SA ESP (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-27-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>937,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Crown Castle Towers LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.883</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-15-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>750,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>806,446</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Digicel Group, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-30-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,365,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,440,075</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Digicel, Ltd. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>485,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Intelsat Luxembourg SA (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.125</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,250,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,321,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>MetroPCS Wireless, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,400,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,464,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>MetroPCS Wireless, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>245,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>256,331</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>SBA Tower Trust (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2.933</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-15-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>380,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>391,704</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>SBA Tower Trust (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.101</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-17-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>580,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>627,166</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sprint Communications, Inc. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,212,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sprint Communications, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,150,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,800,375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Telefonica Celular del Paraguay SA (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-13-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,010,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>VimpelCom Holdings BV (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.504</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,145,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Utilities 3.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>6,405,038</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Electric Utilities 2.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Beaver Valley II Funding Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>126,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>127,231</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>BVPS II Funding Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.890</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>356,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>378,016</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>CE Generation LLC (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.416</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-15-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>397,300</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>393,327</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Exelon Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.900</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,015,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,075,453</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>FPL Energy National Wind LLC (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.608</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-10-24</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>165,923</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>160,970</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Israel Electric Corp., Ltd. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.700</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-10-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,079,791</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>PNPP II Funding Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.120</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-30-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>157,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>161,973</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>W3A Funding Corp. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.090</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-02-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>267,417</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>267,327</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="46%" colSpan=2><B><FONT face=sans-serif size=1>Independent Power Producers &amp; Energy Traders 1.6%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Calpine Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-24</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>680,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>681,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Calpine Corp. (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>311,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>NRG Energy, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,600,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,768,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="49%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>14</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

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<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=6></TD></TR>

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   <TD noWrap align=left width="69%" colSpan=4><B><FONT face=sans-serif size=1>Convertible Bonds 1.4% (0.9% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$2,315,098</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="99%" colSpan=6><FONT face=sans-serif color=#000000 size=1>

   <HR noShade SIZE=1>

</FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>(Cost $1,979,123)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Industrials 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>590,904</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Airlines 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>United Continental Holdings, Inc. (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-30-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>550,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>590,904</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Materials 0.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>518,750</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Containers &amp; Packaging 0.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

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<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Owens-Brockway Glass Container, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>518,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Telecommunication Services 0.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>1,205,444</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="46%" colSpan=2><B><FONT face=sans-serif size=1>Diversified Telecommunication Services 0.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Axtel SAB de CV (7.000% until 1-31-14,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>then 8.000% until 1-31-15, then 9.000%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>thereafter) (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-31-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>MXN 609,900</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>65,444</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Wireless Telecommunication Services 0.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Clearwire Communications LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-01-40</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,140,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="46%" colSpan=2><B><FONT face=sans-serif size=1>Term Loans (M) 1.1% (0.7% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$1,838,877</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="99%" colSpan=6><FONT face=sans-serif color=#000000 size=1>

   <HR noShade SIZE=1>

<FONT face="Times New Roman" size=3></FONT></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>(Cost $2,006,700)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Consumer Discretionary 0.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>542,610</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Hotels, Restaurants &amp; Leisure 0.3%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Caesars Entertainment Resort Properties LLC</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-12-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>550,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>542,610</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Consumer Staples 0.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>207,817</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Personal Products 0.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Revlon Consumer Products Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-20-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>206,719</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>207,817</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Health Care 0.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>342,959</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Health Care Providers &amp; Services 0.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>National Mentor Holdings, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-09-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>341,252</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>342,959</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Industrials 0.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>745,491</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Airlines 0.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Delta Air Lines, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-20-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>684,250</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>686,938</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Global Aviation Holdings, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-13-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>507,559</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>25,378</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Global Aviation Holdings, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-13-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>51,038</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>33,175</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="84%" colSpan=5><B><FONT face=sans-serif size=1>Capital Preferred Securities (a) 0.4% (0.2% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$722,316</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="99%" colSpan=6><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1>

   <HR noShade SIZE=1>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>(Cost $700,000)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Financials 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>722,316</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="31%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Commercial Banks 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>HSBC Finance Capital Trust IX (5.911% to</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>11-30-15, then 3 month LIBOR + 1.926%) (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.911</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-30-35</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>700,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>722,316</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="81%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>15</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="31%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="8%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="46%" colSpan=2><B><FONT face=sans-serif size=1>U.S. Government &amp; Agency Obligations 26.2%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>(17.9% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$45,313,148</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>(Cost $45,222,844)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>U.S. Government 11.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>20,230,848</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>U.S. Treasury</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Note (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.625</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-30-17</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,923,596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Note (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-31-18</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,973,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Note (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-31-20</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,889,455</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Note (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-15-22</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,120,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,068,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Note (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-30-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,760,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,828,063</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Note (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-15-23</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,987,343</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>U.S. Treasury Strip, PO (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.001</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-30</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,025,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>559,828</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>U.S. Government Agency 14.5%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>25,082,300</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Federal Home Loan Mortgage Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,682,702</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,930,404</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-01-38</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>163,557</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>181,769</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Federal National Mortgage Association</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>15 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-01-24</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,942,563</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,077,556</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-29-27</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>670,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>606,949</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-01-40</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,304,426</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,613,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-01-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,849,870</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,062,214</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,957,551</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,068,887</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-40</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,822,821</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,041,590</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-01-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>403,234</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>443,679</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-01-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>670,964</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>739,206</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-01-38</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,027,431</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,119,498</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-01-40</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>254,185</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>276,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-01-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>327,615</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>365,719</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-01-37</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>194,981</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>217,723</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-01-39</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,204,008</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,336,608</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="84%" colSpan=5><B><FONT face=sans-serif size=1>Foreign Government Obligations 3.2% (2.2% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$5,469,923</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>(Cost $5,438,683)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Argentina 1.8%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>3,158,416</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>City of Buenos Aires (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>12.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-06-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,400,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,532,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Provincia de Neuquen (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-26-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>639,200</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>626,416</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Dominican Republic 0.6%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>983,500</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Government of Dominican Republic (S)(Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.875</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>04-18-24</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>983,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>South Korea 0.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>216,482</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Korea Development Bank (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-10-15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>205,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>216,482</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Ukraine 0.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>1,111,525</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>City of Kyiv (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9.375</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-11-16</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,285,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,111,525</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6></TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="84%" colSpan=5><B><FONT face=sans-serif size=1>Collateralized Mortgage Obligations 8.1% (5.5% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$13,993,797</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>(Cost $13,981,878)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Commercial &amp; Residential 4.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>7,515,549</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>American Home Mortgage Assets LLC</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2006-6, Class XP IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2.089</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-25-46</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,492,684</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>392,684</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Bear Stearns Adjustable Rate Mortgage Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2005-2, Class A1 (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2.600</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-25-35</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>465,800</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>469,102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2005-5, Class A2 (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2.250</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-25-35</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>520,904</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>522,881</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="49%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>16</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="31%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="8%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Commercial &amp; Residential (continued)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$7,515,549</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Bear Stearns Asset Backed Securities Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2004-AC5, Class A1</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.750</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-25-34</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>384,520</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>385,529</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Commercial Mortgage Pass Through Certificates</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2012-LC4, Class B (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.934</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-10-44</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>365,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>391,219</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2012-LC4, Class C (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.648</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-10-44</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>290,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>311,299</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Deutsche Mortgage Securities, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2004-4, Class 2AR1 (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.710</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-25-34</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>536,847</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>493,064</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Extended Stay America Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2013-ESFL, Class DFL (P)(S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.309</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-05-31</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>475,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>466,810</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>GSR Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2006-4F, Class 6A1</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-25-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,099,375</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,620,871</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2004-9, Class B1 (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.121</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-25-34</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>749,477</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>441,368</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>HarborView Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2005-8, Class 1X IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2.136</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>09-19-35</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,124,905</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>244,089</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2007-3, Class ES IO (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.350</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-19-47</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,351,853</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>57,167</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2007-4, Class ES IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.350</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-19-47</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,895,868</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>68,959</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2007-6, Class ES IO (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.342</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-19-37</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,320,407</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>45,223</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>IndyMac Index Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2005-AR18, Class 1X IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2.051</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-25-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7,866,781</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>513,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2005-AR18, Class 2X IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.688</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-25-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7,036,047</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>282,893</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>JPMorgan Chase Commercial Mortgage</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Securities Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2012-HSBC Class XA IO (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.431</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>07-05-32</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,495,000</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>366,891</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>VFC 2013-1 LLC</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2013-1, Class A (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.130</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-20-26</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>440,066</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>442,332</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>U.S. Government Agency 3.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>6,478,248</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Federal Home Loan Mortgage Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 290, Class IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-15-32</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,325,129</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>649,286</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 3830, Class NI IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-15-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,196,020</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>346,204</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 4065, Class QA</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>08-15-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>788,213</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>816,207</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 4068, Class AP</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-40</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,198,154</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,260,616</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 4068, Class BH</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>06-15-40</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>995,158</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,036,526</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series K017, Class X1 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.448</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>12-25-21</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,696,456</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>240,767</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series K709, Class X1 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.544</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-25-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,260,320</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>230,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series K710, Class X1 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.783</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>05-25-19</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,476,353</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>205,953</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Federal National Mortgage Association</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2012-118, Class IB IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-25-42</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,386,405</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>311,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2012-67, Class KG</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>02-25-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>367,877</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>383,093</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 402, Class 3 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>11-25-39</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>478,316</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>90,116</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 402, Class 4 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-25-39</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>748,059</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>127,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 407, Class 15 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-25-40</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>812,418</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>135,751</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 407, Class 21 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-25-39</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>442,949</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>77,317</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 407, Class 7 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-25-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>682,190</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>130,383</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 407, Class 8 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>03-25-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>178,557</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>28,397</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 407, Class C6 IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-25-40</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,318,420</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>224,670</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Government National Mortgage Association</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2012-114, Class IO</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.031</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>01-16-53</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,960,717</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>184,692</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6></TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="69%" colSpan=4><B><FONT face=sans-serif size=1>Asset Backed Securities 1.4% (1.0% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$2,425,285</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>(Cost $2,357,183)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>ACE Securities Corp.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2006-ASP5, Class A2B (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.300</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-25-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>141,247</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>65,970</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2006-ASP5, Class A2C (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.350</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-25-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>277,981</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>130,171</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="31%"><FONT face=sans-serif size=1>Series 2006-ASP5, Class A2D (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.430</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>10-25-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>531,369</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>251,549</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="81%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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   <TD noWrap align=left width="34%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="13%"><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="47%" colSpan=2><B><FONT face=sans-serif size=1>Rate (%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="13%"><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>Par value^</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Argent Securities, Inc.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="34%"><FONT face=sans-serif size=1>Series 2006-M2, Class A2C (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>0.320</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>09-25-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>1,462,681</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>$582,501</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>ContiMortgage Home Equity Loan Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="34%"><FONT face=sans-serif size=1>Series 1995-2, Class A5</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8.100</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>08-15-25</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>28,744</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>28,564</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Morgan Stanley ABS Capital I</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="34%"><FONT face=sans-serif size=1>Series 2006-HE4, Class A3 (P)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>0.320</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>06-25-36</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>428,124</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>269,504</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Sonic Capital LLC</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="34%"><FONT face=sans-serif size=1>Series 2011-1A, Class A2 (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>5.438</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>05-20-41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>418,122</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>450,015</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Westgate Resorts LLC</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="34%"><FONT face=sans-serif size=1>Series 2012-2A, Class B (S)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>4.500</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>01-20-25</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>649,851</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>647,011</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="73%" colSpan=4><B><FONT face=sans-serif size=1>Common Stocks 0.0% (0.0% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>$8,216</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="99%" colSpan=6><FONT face=sans-serif color=#000000 size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1>

   <HR noShade SIZE=1>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>(Cost $593,666)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=right width="13%"></TD>

   <TD noWrap align=left width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Consumer Discretionary 0.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>0</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="34%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Media 0.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Vertis Holdings, Inc. (I)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>34,014</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="34%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Industrials 0.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>8,216</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="34%"><FONT face=sans-serif color=#000000 size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=left width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif color=#000000 size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Airlines 0.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Global Aviation Holdings, Inc., Class A (I)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>82,159</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8,216</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="73%" colSpan=4><B><FONT face=sans-serif size=1>Preferred Securities (b) 0.5% (0.4% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>$921,717</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>(Cost $917,875)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=right width="13%"></TD>

   <TD noWrap align=left width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Financials 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>754,375</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=right width="13%"></TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Commercial Banks 0.4%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>FNB Corp., 7.250%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>30,175</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>754,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Telecommunication Services 0.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>167,342</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=right width="13%"></TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Diversified Telecommunication Services 0.1%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Crown Castle International Corp., 4.500%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>1,635</FONT>&nbsp;</TD>

   <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>167,342</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="47%" colSpan=2><B><FONT face=sans-serif size=1>Total investments (Cost $247,398,310)</FONT></B><FONT face=sans-serif size=1>&#8224; </FONT><B><FONT face=sans-serif size=1>146.7%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="26%" colSpan=2><B><FONT face=sans-serif size=1>$253,540,288</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Other assets and liabilities, net (46.7%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%">&nbsp;</TD>

   <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>($80,660,258)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Total net assets 100.0%</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=left width="13%"></TD>

   <TD noWrap align=left width="13%">&nbsp;</TD>

   <TD noWrap align=right width="26%" colSpan=2><B><FONT face=sans-serif size=1>$172,880,030</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>^ </FONT></B><FONT face=sans-serif size=1>All par values are denominated in U.S. dollars unless otherwise indicated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>IO Interest-Only Security &#8212; (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>LIBOR London Interbank Offered Rate </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>MXN Mexican Peso </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>PIK Paid-in-kind</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>PO Principal-Only Security &#8212; (Principal Tranche of Stripped Security). Rate shown is the annualized yield at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>REIT Real Estate Investment Trust</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>USGG U.S. Generic Government Yield Index</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(a) Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="49%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>18</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(b) Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(C) Security purchased on a when-issued or delayed delivery. </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(H) Non-income producing &#8212; Issuer is in default.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(I) Non-income producing security.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end. </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(P) Variable rate obligation. The coupon rate shown represents the rate at period end.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(Q) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $107,380,132 or 62.1% of the fund&#8217;s net assets as of 10-31-13.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(Z) All or a portion of this security is segregated as collateral pursuant to the Credit Facility Agreement. Total collateral value at 10-31-13 was $137,639,728.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>&#8224; At 10-31-13, the aggregate cost of investment securities for federal income tax purposes was $248,012,421. Net unrealized appreciation aggregated $5,527,867, of which $11,685,603 related to appreciated investment securities and $6,157,736 related to depreciated investment securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>The fund had the following country concentration as a percentage of investments on 10-31-13:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="8%"></TD>

   <TD width="10%"></TD>

   <TD width="82%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>United States</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>69.2%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Luxembourg</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>4.1%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Cayman Islands</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>3.5%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Netherlands</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>3.1%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>United Kingdom</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>2.5%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Argentina</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>2.2%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Mexico</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>2.2%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Canada</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>1.9%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Peru</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>1.5%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Brazil</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>1.5%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Ireland</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>1.0%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Other Countries</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>7.3%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR>

   <TD width="8%">&nbsp;</TD>

   <TD width="10%">

   <HR noShade SIZE=1>

</TD>

   <TD width="82%"></HR></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Total</FONT>&nbsp;</TD>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>100%</FONT>&nbsp;</TD>

   <TD noWrap align=right width="82%"><FONT face=sans-serif size=1></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="81%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>19</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=sans-serif size=2>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp;S T A T E M E N T S</P></FONT></FONT>

<P style="TEXT-ALIGN: left"><FONT face=serif size=7>Financial statements</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>Statement of assets and liabilities </FONT><FONT face=sans-serif size=2>10-31-13</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>This Statement of assets and liabilities is the fund&#8217;s balance sheet. It shows the value of what the fund owns, is due and owes. You&#8217;ll also find the net asset value for each common share.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Investments, at value (Cost $247,398,310)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$253,540,288</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Cash segregated at custodian for swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>550,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Receivable for investments&nbsp;sold</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,899,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Receivable for delayed delivery securities&nbsp;sold</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,001,341</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Dividends and interest&nbsp;receivable</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,736,287</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Other receivables and prepaid&nbsp;expenses</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>170,157</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Total&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>263,897,423</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Liabilities</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Due to&nbsp;custodian</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>305,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Credit facility agreement&nbsp;payable</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>85,900,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Payable for investments&nbsp;purchased</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,438,045</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Payable for delayed delivery securities&nbsp;purchased</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,407,935</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Swap contracts, at&nbsp;value</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>811,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Interest&nbsp;payable</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>48,205</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Payable to&nbsp;affiliates</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="85%"><FONT face=sans-serif size=1>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8,158</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="85%"><FONT face=sans-serif size=1>Trustees&#8217;&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10,446</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Other liabilities and accrued&nbsp;expenses</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>87,594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Total&nbsp;liabilities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>91,017,393</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$172,880,030</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net assets consist&nbsp;of</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Paid-in&nbsp;capital</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$177,377,108</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Undistributed net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,492,578</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Accumulated net realized gain (loss) on investments, foreign currency</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="85%"><FONT face=sans-serif size=1>transactions and swap&nbsp;agreements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(11,320,402)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Net unrealized appreciation (depreciation) on investments, translation of</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="85%"><FONT face=sans-serif size=1>assets and liabilities in foreign currencies and swap&nbsp;agreements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,330,746</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$172,880,030</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net asset value per&nbsp;share</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Based on 8,750,917 shares of beneficial interest outstanding &#8212; unlimited</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="85%"><FONT face=sans-serif size=1>number of shares authorized with no par&nbsp;value</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$19.76</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="49%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>20</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp;S T A T E M E N T S</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>Statement of operations </FONT><FONT face=sans-serif size=2>For the year ended 10-31-13</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>This Statement of operations summarizes the fund&#8217;s investment income earned and expenses incurred in operating the fund. It also shows net gains (losses) for the period stated.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Interest</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$16,419,027</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Dividends</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>60,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Less foreign taxes&nbsp;withheld</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(2,604)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Total investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>16,477,205</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Investment management&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,375,843</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>61,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Transfer agent&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>67,213</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Trustees&#8217;&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>53,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Printing and&nbsp;postage</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>57,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Professional&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>141,552</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Custodian&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>25,328</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Stock exchange listing&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>29,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Interest&nbsp;expense</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>599,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Other</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>59,597</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Total&nbsp;expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>2,471,562</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>14,005,643</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Realized and unrealized gain&nbsp;(loss)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR noShade SIZE=1>

</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net realized gain (loss)&nbsp;on</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Investments</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,811,607</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(411,521)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Foreign currency&nbsp;transactions</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(42,487)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>1,357,599</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Change in net unrealized appreciation (depreciation)&nbsp;of</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Investments</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(7,004,514)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>397,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Translation of assets and liabilities in foreign&nbsp;currencies</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>42,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>(6,564,239)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net realized and unrealized&nbsp;loss</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>(5,206,640)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Increase in net assets from&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$8,799,003</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="81%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>21</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp;S T A T E M E N T S</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>Statements of changes in net assets</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>These Statements of changes in net assets show how the value of the fund&#8217;s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of fund share transactions.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Year</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>10-31-13</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>10-31-12</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Increase (decrease) in net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>From&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$14,005,643</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$16,108,117</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Net realized gain&nbsp;(loss)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,357,599</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(860,251)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Change in net unrealized appreciation&nbsp;(depreciation)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(6,564,239)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11,920,293</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Increase in net assets resulting from&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>8,799,003</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>27,168,159</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Distributions to&nbsp;shareholders</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(14,900,053)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(16,630,465)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>From fund share&nbsp;transactions</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="70%"><FONT face=sans-serif size=1>Issued in shelf&nbsp;offering</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,722,799</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>443,812</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="70%"><FONT face=sans-serif size=1>Issued pursuant to Dividend Reinvestment&nbsp;Plan</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>855,166</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,211,695</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Total from fund share&nbsp;transactions</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>2,577,965</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>1,655,507</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Total increase&nbsp;(decrease)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>(3,523,085)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>12,193,201</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Beginning of&nbsp;year</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>176,403,115</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>164,209,914</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>End of&nbsp;year</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$172,880,030</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$176,403,115</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Undistributed net investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$1,492,578</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$1,659,319</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Share activity</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Shares&nbsp;outstanding</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="70%"><FONT face=sans-serif size=1>Beginning of&nbsp;year</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8,631,305</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8,557,999</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="70%"><FONT face=sans-serif size=1>Issued in shelf&nbsp;offering</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>78,325</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>18,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="70%"><FONT face=sans-serif size=1>Issued pursuant to Dividend Reinvestment&nbsp;Plan</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>41,287</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>54,666</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>End of&nbsp;year</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>8,750,917</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>8,631,305</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="49%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>22</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp;S T A T E M E N T S</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>Statement of cash flows</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>This Statement of cash flows shows cash flow from operating and financing activities for the period stated.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>For the</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>year ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>10-31-13</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Cash flows from operating activities</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Net increase in net assets from operations</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$8,799,003</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Adjustments to reconcile net increase in net assets from operations to net</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="85%"><B><FONT face=sans-serif size=1>cash provided by operating activities:</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Long-term investments purchased</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(157,187,447)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Long-term investments sold</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>153,002,166</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Decrease in short-term investments</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,800,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Net amortization of premium (discount)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,806,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Income paid-in-kind</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(202,867)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Decrease in dividends and interest receivable</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>136,294</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Increase in payable for investments purchased</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,438,045</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Increase in payable for delayed delivery securities purchased</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,407,935</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Increase in receivable for investments sold</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(4,899,350)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Increase in receivable for delayed delivery securities sold</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(1,001,341)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Decrease in cash segregated at custodian for swap contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>270,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Increase in other receivables and prepaid assets</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(32,405)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Decrease in unrealized depreciation of swap contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(397,835)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Decrease in unrealized depreciation for forward foreign currency contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(42,437)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Decrease in payable to affiliates</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(1,843)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Decrease in interest payable</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(6,452)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Decrease in other liabilities and accrued expenses</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(92,560)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Net change in unrealized (appreciation) depreciation on investments</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7,004,514</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Net realized gain on investments</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(1,811,607)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net cash provided by operating activities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$11,988,342</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <HR noShade SIZE=1>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Cash flows from financing activities</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Payable for due to custodian</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$305,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Fund shares issued in shelf offering</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,722,799</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Cash distributions to common shareholders net of reinvestments</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(14,044,887)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net cash used in financing activities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>($12,016,306)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Net decrease in cash</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>($27,964)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Cash at beginning of period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$27,964</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Cash at end of period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>&#8212;</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>&nbsp;</FONT></B></TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Supplemental disclosure of cash flow information</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR noShade SIZE=1>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1></FONT></B></TD>

   <TD noWrap align=left width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Cash paid for interest</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$606,359</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Noncash financing activities not included herein consist of</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>855,166</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="85%"><B><FONT face=sans-serif size=1>reinvestment of distributions</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="48%"></TD>

   <TD width="49%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD>

   <TD noWrap align=right width="49%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_20"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=serif size=7>Financial highlights</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>The Financial highlights show how the fund&#8217;s net asset value for a share has changed during the period.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="16%"></TD>

   <TD width="17%"></TD>

   <TD width="16%"></TD>

   <TD width="17%"></TD>

   <TD width="17%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>COMMON SHARES </FONT></B><B><FONT face=sans-serif size=1>Period&nbsp;ended</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>10-31-13</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>10-31-12</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>10-31-11</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>10-31-10</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>10-31-09</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Per share operating&nbsp;performance</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Net asset value, beginning of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$20.44</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>$19.19</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$20.11</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$18.03</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>$14.51</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Net investment&nbsp;income</FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>1.61</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>1.88</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>1.93</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>2.15</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>1.70</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="16%"><FONT face=sans-serif size=1>on&nbsp;investments</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>(0.59)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>1.30</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>(0.88)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>2.00</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>3.51</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Total from investment&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>1.02</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>3.18</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>1.05</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>4.15</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>5.21</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Less distributions to common&nbsp;shareholders</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>(1.71)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>(1.94)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>(1.97)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>(2.07)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>(1.69)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Anti-dilutive impact of shelf&nbsp;offering</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>0.01</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>0.01</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Net asset value, end of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$19.76</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>$20.44</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$19.19</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$20.11</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>$18.03</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Per share market value, end of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$19.30</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>$22.24</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$21.82</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>$21.13</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>$17.73</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Total return at net asset value (%)</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>5.09</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>16.14</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>4.90</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>23.81</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>39.26</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Total return at market value (%)</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>(5.66)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>11.13</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>13.52</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>32.29</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>47.62</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Ratios and supplemental&nbsp;data</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Net assets applicable to common shares, end of</FONT>&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="16%"><FONT face=sans-serif size=1>period (in&nbsp;millions)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$173</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$176</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$164</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$171</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$152</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Ratios (as a percentage of average net assets):</FONT>&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="16%"><FONT face=sans-serif size=1>Expenses</FONT><SUP><FONT face=sans-serif size=1>3</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>1.41</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>1.57</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>1.62</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>1.93</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>2.43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="16%"><FONT face=sans-serif size=1>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.00</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>9.65</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>9.63</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>11.33</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>11.34</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>61</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>56</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>45</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>71</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>72</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

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   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Senior&nbsp;securities</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="17%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Total debt outstanding end of period (in&nbsp;millions)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$86</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$86</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$88</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$80</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$67</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Asset coverage per $1,000 of&nbsp;debt</FONT><SUP><FONT face=sans-serif size=1>4</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$3,013</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$3,054</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$2,871</FONT>&nbsp;</TD>

   <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>$3,136</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$3,268</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="16%"></TD>

   <TD width="83%" colSpan=5>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Based on the average daily shares&nbsp;outstanding.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Total return based on net asset value reflects changes in the fund&#8217;s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund&#8217;s shares traded during the&nbsp;period.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>Expenses excluding interest were 1.07%, 1.07%, 1.04%, 1.12% and 1.43% for the periods ended 10-31-13, 10-31-12, 10-31-11, 10-31-10 and 10-31-09, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 7). As debt outstanding changes, level of invested assets may change accordingly. Asset coverage ratio provides a measure of&nbsp;leverage.</FONT></P>

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   <TD width="49%"></TD></TR>

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   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>24</FONT>&nbsp;</TD>

   <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="49%"><FONT face=sans-serif size=1>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=7>Notes to financial statements</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 1 &#8212; Organization</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>John Hancock Investors Trust (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>In 2012, the fund filed a registration statement with the Securities and Exchange Commission, registering an additional 1,000,000 common shares through an equity shelf offering program. Under this program, the fund, subject to market conditions, may raise additional equity capital from time to time by offering new common shares at a price equal to or above the fund&#8217;s net asset value per common share.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 2 &#8212; Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Security valuation. </FONT></B><FONT face=serif size=2>Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT face=serif size=1>P.</FONT><FONT face=serif size=1>M</FONT><FONT face=serif size=1></FONT><FONT face=serif size=2>.</FONT><FONT face=serif size=2>, Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last quoted bid or evaluated price. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered commodities exchange, or broker quotations. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter (OTC) market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost. Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund&#8217;s Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described.</FONT></P>

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   <TD noWrap align=right width="98%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>25</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund&#8217;s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The following is a summary of the values by input classification of the fund&#8217;s investments as of October 31, 2013, by major security category or type:</FONT></P>

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<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>LEVEL 3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>LEVEL 2</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>SIGNIFICANT</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>TOTAL MARKET</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>LEVEL 1</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>SIGNIFICANT</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>UNOBSERVABLE</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>VALUE AT 10-31-13</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>QUOTED PRICE</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>OBSERVABLE INPUTS</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>INPUTS</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Corporate Bonds</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>$180,531,911</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>$180,531,911</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Convertible Bonds</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>2,315,098</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>2,315,098</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Term Loans</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>1,838,877</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>1,838,877</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Capital Preferred Securities</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>722,316</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>722,316</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>U.S. Government &amp; Agency</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="20%"><FONT face=sans-serif size=1>Obligations</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>45,313,148</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>45,313,148</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Foreign Government</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="20%"><FONT face=sans-serif size=1>Obligations</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>5,469,923</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5,469,923</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Collateralized Mortgage</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="20%"><FONT face=sans-serif size=1>Obligations</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>13,993,797</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13,822,448</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>$171,349</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Asset Backed Securities</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>2,425,285</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>2,425,285</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Common Stocks</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>8,216</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8,216</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Preferred Securities</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>921,717</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>$921,717</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="80%" colSpan=4>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=1>Total Investments in</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="20%"><B><FONT face=sans-serif size=1>Securities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>$253,540,288</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>$921,717</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>$252,447,222</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>$171,349</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=1>Other Financial Instruments</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Interest rate swaps</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>($811,228)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>($811,228)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center width="96%" colSpan=6><FONT face=sans-serif size=1></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"></TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>COLLATERALIZED</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>CORPORATE</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>MORTGAGE</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>COMMON</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>PREFERRED</FONT>&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>BONDS</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>OBLIGATIONS</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>STOCKS</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>SECURITIES</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>TOTAL</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Balance as of 10-31-12</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$1,123,959</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$153,502</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$54,907</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$1,498,072</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$2,830,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Realized gain (loss)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>(20,236)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>(219,567)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>($239,803)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Change in unrealized appreciation</FONT>&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(depreciation)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>17,847</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>53,259</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>438,155</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$509,261</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Purchases</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Sales</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>(87,930)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>(1,716,660)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>($1,804,590)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Transfers into Level 3</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Transfers out of Level 3</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>(1,123,959)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>($1,123,959)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Balance as of 10-31-13</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>&#8212;</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>$171,349</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>&#8212;</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>&#8212;</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="16%"><B><FONT face=sans-serif size=1>$171,349</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Change in unrealized at period end*</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$17,847</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="16%"><FONT face=sans-serif size=1>$17,847</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>* Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end. This balance is included in the change in unrealized appreciation (depreciation) on the Statement of operations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Security transactions and related investment income. </FONT></B><FONT face=serif size=2>Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income</FONT></P>

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   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>26</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain if amounts are estimable. Foreign taxes are provided for based on the fund&#8217;s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Foreign currency translation. </FONT></B><FONT face=serif size=2>Assets, including investments and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors. Foreign investments are also subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Foreign taxes. </FONT></B><FONT face=serif size=2>The fund may be subject to withholding tax on income and/or capital gains or repatriation taxes imposed by certain countries in which the fund invests. Taxes are accrued based upon investment income, realized gains or unrealized appreciation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Stripped securities. </FONT></B><FONT face=serif size=2>Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Overdrafts. </FONT></B><FONT face=serif size=2>Pursuant to the custodian agreement, the fund&#8217;s custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Expenses. </FONT></B><FONT face=serif size=2>Within the John Hancock funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund&#8217;s relative net assets. Expense</FONT></P>

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   <TD noWrap align=right width="98%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>27</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Federal income taxes. </FONT></B><FONT face=serif size=2>The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>For federal income tax purposes, as of October 31, 2013, the fund has a capital loss carryforward of $10,859,805 available to offset future net realized capital gains. The following table details the capital loss carryforward available:</FONT></P>

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   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

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   <TD noWrap align=left width="56%" colSpan=4><FONT face=sans-serif size=1>CAPITAL LOSS CARRYFORWARD EXPIRING AT OCTOBER 31</FONT>&nbsp;</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=center width="28%" colSpan=2><FONT face=sans-serif size=1>NO EXPIRATION DATE</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>2014</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>2015</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>2016</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>2017</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>2019</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>SHORT-TERM</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>LONG-TERM</FONT>&nbsp;</TD></TR>

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   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>$2,605,424 </FONT></TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>$1,304,634</FONT>&nbsp;&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>$912,660</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>$2,675,603</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>$2,044,097</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>$975,640</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=1>$341,747</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>As of October 31, 2013, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund&#8217;s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Distribution of income and gains. </FONT></B><FONT face=serif size=2>Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly and capital gain distributions, if any, annually. The tax character of distributions for the years ended October 31, 2013 and October 31, 2012 was as follows:</FONT></P>

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   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><FONT face=sans-serif size=1>OCTOBER 31, 2013</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT face=sans-serif size=1>OCTOBER 31, 2012</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT face=sans-serif size=1>Ordinary Income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT face=sans-serif size=1>$14,900,053</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT face=sans-serif size=1>$16,630,465</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>As of October 31, 2013, the components of distributable earnings on a tax basis consisted of $1,497,302 of undistributed ordinary income.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the fund&#8217;s financial statements as a return of capital.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to defaulted bonds, expiration of capital loss carryforwards, derivative transactions and amortization and accretion on debt securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Statement of cash flows. </FONT></B><FONT face=serif size=2>Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund&#8217;s Statement of assets and liabilities and represents the cash on hand at the fund&#8217;s custodian and does not include any short-term investments or cash segregated at the custodian for swap contracts.</FONT></P>

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   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>28</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 3 &#8212; Derivative instruments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund may invest in derivatives in order to meet its investment objectives. Derivatives include a variety of different instruments that may be traded in the OTC market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Forward foreign currency contracts and (certain) swaps are typically traded through the OTC market. Cash settled currency swaps are all regulated by the Commodity Futures Trading Commission (the CFTC) as swaps. Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed. This right to close out and net payments across all transactions traded under the ISDA could result in a reduction of the fund&#8217;s risk to a counterparty equal to any amounts payable by the fund, if any.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund for OTC transactions is held in a segregated account at the fund&#8217;s custodian and is noted in the accompanying Fund&#8217;s investments, or if cash is posted, on the Statement of assets and liabilities. The fund&#8217;s maximum risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>For financial reporting purposes, the fund does not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Statement of assets and liabilities. In the event of default by the counterparty or a termination of the agreement, the ISDA allows an offset of amounts across the various transactions between the fund and the applicable counterparty.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Forward foreign currency contracts. </FONT></B><FONT face=serif size=2>A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, the risk that currency movements will not favor the fund thereby reducing the fund&#8217;s total return, and the potential for losses in excess of the amounts recognized on the Statement of assets and liabilities.</FONT></P>

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   <TD noWrap align=right width="98%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>29</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>During the year ended October 31, 2013, the fund used forward foreign currency contracts to manage against anticipated currency exchange rate changes. During the year ended October 31, 2013, the fund held forward foreign currency contracts with U.S. dollar notional values ranging up to $2.1 million, as measured at each quarter end. There were no open forward foreign currency contracts at October 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Interest rate swaps. </FONT></B><FONT face=serif size=2>Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Swap agreements are privately negotiated in the OTC swaps market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may amount to values that are in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. Market risks may also accompany the swap, including interest rate risk. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>During the year ended October 31, 2013, the fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of October 31, 2013.</FONT></P>

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   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>USD NOTIONAL</FONT>&nbsp;</TD>

   <TD noWrap align=left width="5%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>PAYMENTS MADE</FONT>&nbsp;</TD>

   <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>PAYMENTS RECEIVED</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>MATURITY</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>MARKET</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>COUNTERPARTY</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>AMOUNT</FONT>&nbsp;</TD>

   <TD noWrap align=left width="5%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>BY FUND</FONT>&nbsp;</TD>

   <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>BY FUND</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>DATE</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>VALUE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Morgan Stanley</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$22,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="5%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Fixed 1.442500%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>3 Month LIBOR (a)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Aug 2016</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>($559,689)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Capital Services</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="19%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Morgan Stanley</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$22,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="5%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Fixed 1.093750%</FONT>&nbsp;</TD>

   <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>3 Month LIBOR (a)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>May 2017</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(251,539)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Capital Services</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="19%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$44,000,000</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="19%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>($811,228)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>(a) At 10-31-13, the 3-month LIBOR rate was 0.24200%</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>No interest rate swap positions were entered into or closed during the year ended October 31, 2013.</FONT></P>

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<TR>

   <TD width="2%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>30</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Fair value of derivative instruments by risk category</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The table below summarizes the fair value of derivatives held by the fund at October 31, 2013 by risk category:</FONT></P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>FINANCIAL</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>ASSET</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>LIABILITY</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>STATEMENT OF ASSETS</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>INSTRUMENTS</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>DERIVATIVES FAIR</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>DERIVATIVES</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>RISK</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>AND LIABILITIES LOCATION</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>LOCATION</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>VALUE</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>FAIR VALUE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Interest rate</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Swap contracts,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Interest</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>($811,228)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>contracts</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>at value</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>rate swaps</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Effect of derivative instruments on the Statement of operations</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2013:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>STATEMENT OF</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>FOREIGN CURRENCY</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>SWAP</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>RISK</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>OPERATIONS LOCATION</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>TRANSACTIONS*</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>CONTRACTS</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>TOTAL</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Foreign exchange</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Net realized gain</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>($42,437)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>($42,437)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>contracts</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>(loss)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Interest rate</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Net realized gain</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>($411,521)</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>(411,521)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>contracts</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>(loss)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>($42,437)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>($411,521)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>($453,958)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>*Realized gain/loss associated with forward foreign currency contracts is included in the caption on the Statement of operations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2013:</FONT></P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>STATEMENT OF</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>FOREIGN CURRENCY</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>SWAP</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>RISK</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>OPERATIONS LOCATION</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>TRANSACTIONS*</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>CONTRACTS</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>TOTAL</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Interest rate</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Change in unrealized</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>$397,835</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>$397,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>contracts</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>appreciation</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>(depreciation)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Foreign exchange</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Change in unrealized</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>$42,437</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>$42,437</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>contracts</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>appreciation</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>(depreciation)</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>$42,437</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>$397,835</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>$440,272</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>* Change in unrealized appreciation/depreciation associated with forward foreign currency contracts is included in the caption on the Statement of operations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 4 &#8212; Guarantees and indemnifications</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Under the fund&#8217;s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund&#8217;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.</FONT></P>

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   <TD noWrap align=right width="98%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>31</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 5 &#8212; Fees and transactions with affiliates</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>John Hancock Advisers, LLC (the Advisor) serves as investment advisor for the fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering. The Advisor and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Management fee. </FONT></B><FONT face=serif size=2>The fund has an investment advisory agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent, on an annual basis, to the sum of (a) 0.650% of the first $150,000,000 of the fund&#8217;s average daily managed assets (net assets plus borrowings under the Credit Facility Agreement) (see Note 7); (b) 0.375% of the next $50,000,000 of the fund&#8217;s average daily managed assets; (c) 0.350% of the next $100,000,000 of the fund&#8217;s average daily managed assets; and (d) 0.300% of the fund&#8217;s average daily managed assets in excess of $300,000,000. The Advisor has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The investment management fees incurred for the year ended October 31, 2013, were equivalent to a net annual effective rate of 0.53% of the fund&#8217;s average daily managed assets.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Accounting and legal services. </FONT></B><FONT face=serif size=2>Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred for the year ended October 31, 2013 amounted to an annual rate of 0.02% of the fund&#8217;s average daily managed assets.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Trustee expenses. </FONT></B><FONT face=serif size=2>The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. Under the John Hancock Group of funds Deferred Compensation Plan (the Plan), which was terminated in November 2012, certain Trustees could have elected, for tax purposes, to defer receipt of this compensation. Any deferred amounts were invested in various John Hancock funds. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates &#8212; Trustees&#8217; fees, respectively, in the accompanying Statement of assets and liabilities. Plan assets will be liquidated in accordance with the Plan documents.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Distributor. </FONT></B><FONT face=serif size=2>The fund will compensate the Distributor with respect to sales of the common shares offered through the equity shelf offering at a commission rate of 1% of the gross proceeds of the sale of common shares, a portion of which is allocated to the selling dealers. During the year ended October 31, 2013, compensation to the Distributor was $17,593. The Distributor has an agreement with a sub-placement agent in the sale of common shares. The fund is not responsible for payment of commissions to the sub-placement agent.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 6 &#8212; Leverage risk</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund utilizes a Credit Facility Agreement (CFA) to increase its assets available for investment. When the fund leverages its assets, common shareholders bear the fees associated with the CFA and have the potential to benefit or be disadvantaged from the use of leverage. The Advisor&#8217;s fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund&#8217;s assets. Leverage creates risks that may adversely affect the return for the holders of common shares, including:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; the likelihood of greater volatility of net asset value and market price of common shares;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; fluctuations in the interest rate paid for the use of the credit facility;</FONT></P>

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<TR vAlign=bottom>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; increased operating costs, which may reduce the fund&#8217;s total return;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; the potential for a decline in the value of an investment acquired through leverage, while the </FONT><FONT face=serif size=2>fund&#8217;s obligations under such leverage remains fixed; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage </FONT><FONT face=serif size=2>or other debt compliance requirements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund&#8217;s return will be greater than if leverage had not been used, conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>In addition to the risks created by the fund&#8217;s use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the CFA is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund&#8217;s ability to generate income from the use of leverage would be adversely affected.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 7 &#8212; Credit Facility Agreement</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund has entered into a CFA with Credit Suisse Securities LLC (CSSU), pursuant to which the fund borrows money to increase its assets available for investment. In accordance with the 1940 Act, the fund&#8217;s borrowings under the CFA will not exceed 33 1/3% of the fund&#8217;s managed assets (net assets plus borrowings) at the time of any borrowing.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund pledges a portion of its assets as collateral to secure borrowings under the CFA. Such pledged assets are held in a special custody account with the fund&#8217;s custodian. The amount of assets required to be pledged by the fund is determined in accordance with the CFA. The fund retains the benefits of ownership of assets pledged to secure borrowings under the CFA. Interest charged is at the rate of three month LIBOR (London Interbank Offered Rate) plus 0.41% and is payable monthly. As of October 31, 2013, the fund had borrowings of $85,900,000, at an interest rate of 0.65%, which is reflected in the Credit facility agreement payable on the Statement of assets and liabilities. During the year ended October 31, 2013, the average borrowings under the CFA and the effective average interest rate were $85,900,000 and 0.70%, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund may terminate the CFA with CSSU at any time. If certain asset coverage and collateral requirements or other covenants are not met, the CFA could be deemed in default and result in termination. Absent a default or facility termination event, CSSU is required to provide the fund with 270 calendar days&#8217; notice prior to terminating or amending the CFA.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 8 &#8212; Fund share transactions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Transactions in common shares for the years ended October 31, 2013 and October 31, 2012 are presented on the Statement of changes in net assets. Proceeds received in connection with the shelf offering are net of commissions and offering costs. Total offering costs of $194,556 have been prepaid by the fund. These costs are deducted from proceeds as shares are issued. To date, $18,869 has been deducted from proceeds of shares issued and the remaining $175,687 is included in Other receivables and prepaid expenses on the Statement of assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Note 9 &#8212; Purchase and sale of securities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Purchases and sales of securities, other than short-term securities and U.S. Treasury obligations, amounted to $133,233,052 and $135,530,228, respectively, for the year ended October 31, 2013. Purchases and sales of U.S. Treasury obligations aggregated $23,954,395 and $17,471,938, respectively, for the year ended October 31, 2013.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>Auditor&#8217;s report</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Report of Independent Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>To the Board of Trustees and Shareholders of John Hancock Investors Trust:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position John Hancock Investors Trust (the &#8220;Fund&#8221;) at October 31, 2013, the results of its operations its cash flows for the year then ended, the changes in its net assets for each of the two years in period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#8220;financial statements&#8221;) are the responsibility of the Fund&#8217;s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian, agent bank and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>PricewaterhouseCoopers LLP</FONT><BR><FONT face=serif size=2>Boston, Massachusetts</FONT><BR><FONT face=serif size=2>December 20, 2013</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>Tax information</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Unaudited</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Eligible shareholders will be mailed a 2013 Form 1099-DIV in early 2014. This will reflect the tax character of all distributions paid in calendar year 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>Please consult a tax advisor regarding the tax consequences of your investment in the fund.</FONT></B></P>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>Additional information</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Unaudited</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Investment objective and policy</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund is a diversified, closed-end, management investment company, common shares of which were initially offered to the public in January 1971. The fund&#8217;s primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective. The preponderance of the fund&#8217;s assets are invested in a diversified portfolio of debt securities issued by U.S. and non-U.S. corporations and governments, some of which may carry equity features. Up to 50% of the value of the fund&#8217;s assets may be invested in restricted securities acquired through private placements. The fund may also invest in repurchase agreements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Effective March 20, 2013, the Board of Trustees approved a revision to the fund&#8217;s investment policy regarding the amount of the fund&#8217;s securities that is rated investment grade to provide that the fund will invest at least 30% of its net assets (plus borrowings for investment purposes) in debt securities that are rated, at the time of acquisition, investment grade (i.e., at least &#8220;Baa&#8221; by Moody&#8217;s Investors Service, Inc. (Moody&#8217;s) or &#8220;BBB&#8221; by Standard &amp; Poor&#8217;s Ratings Services (S&amp;P)), or in unrated securities determined by the fund&#8217;s investment advisor or subadvisor to be of comparable credit quality, securities issued or guaranteed by the U.S. government, or its agencies and instrumentalities and cash and cash equivalents. Under the prior investment policy, the fund was required to invest at least 30% of its total assets in such securities. The new investment policy also provides that the fund may invest up to 70% of its net assets (plus borrowings for investment purposes) in debt securities that are rated, at the time of acquisition, below investment grade (junk bonds) (i.e., rated &#8220;Ba&#8221; or lower by Moody&#8217;s or &#8220;BB&#8221; or lower by S&amp;P), or in unrated securities determined by the fund&#8217;s advisor or subadvisor to be of comparable quality.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Bylaws</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Effective September 27, 2013, the Board of Trustees of the fund amended and restated in its entirety the Bylaws of the fund (the &#8220;Amended and Restated Bylaws&#8221;). The Amended and Restated Bylaws include, among other changes, provisions that: (i) require a shareholder to give written advance notice and other information to the fund of the shareholder&#8217;s nominees for Trustees and proposals for other business to be considered at shareholders&#8217; meetings, or in the event a shareholder proposes to seek a shareholder action by written consent or request a special meeting of shareholders; (ii) require any such notice by a shareholder to be accompanied by certain information as provided in the Bylaws; (iii) provide that Trustees may be nominated by shareholders only at an annual meeting of the fund or special meeting in lieu of an annual meeting; and (iv) reserve to the Trustees the exclusive power to adopt, alter, amend or repeal any provision of the Bylaws or to make new Bylaws, except where the Declaration of Trust, Bylaws or applicable law would also require a shareholder vote to effect such adoption, alteration, amendment or repeal. The foregoing description of the Bylaws is qualified in its entirety by the full text of the Amended and Restated Bylaws effective as of September 27, 2013, which are available by writing to the Secretary of the fund at 601 Congress Street, 11th Floor, Boston, Massachusetts 02210.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Dividends and distributions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>During the year ended October 31, 2013, distributions from net investment income totaling $1.7149 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:</FONT></P>

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   <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>PAYMENT</FONT>&nbsp;</TD>

   <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>INCOME DISTRIBUTIONS</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>December 31, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>$0.4990</FONT>&nbsp;</TD>

   <TD noWrap align=right width="25%"><FONT face=sans-serif size=1></FONT></TD>

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   <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>March 28, 2013</FONT>&nbsp;</TD>

   <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>0.4208</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>June 28, 2013</FONT>&nbsp;</TD>

   <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>0.4136</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>September 30, 2013</FONT>&nbsp;</TD>

   <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>0.3815</FONT>&nbsp;</TD>

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   <TD noWrap align=right width="25%"><STRONG><FONT face=sans-serif size=1>$1.7149</FONT>&nbsp;</STRONG></TD>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Dividend reinvestment plan</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The fund&#8217;s Dividend Reinvestment Plan (the Plan) provides that distributions of dividends and capital gains are automatically reinvested in common shares of the fund by Computershare Trust Company, N.A. (the Plan Agent). Every shareholder holding at least one full share of the fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the fund after June 30, 2011 and holds at least one full share of the fund will be automatically enrolled in the Plan. Shareholders may withdraw from the Plan at any time and shareholders who do not participate in the Plan will receive all distributions in cash.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>If the fund declares a dividend or distribution payable either in cash or in common shares of the fund and the market price of shares on the payment date for the distribution or dividend equals or exceeds the fund&#8217;s net asset value per share (NAV), the fund will issue common shares to participants at a value equal to the higher of NAV or 95% of the market price. The number of additional shares to be credited to each participant&#8217;s account will be determined by dividing the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV, or if dividends or distributions are payable only in cash, then participants will receive shares purchased by the Plan Agent on participants&#8217; behalf on the NYSE or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the average per share purchase price may exceed NAV, resulting in fewer shares being acquired than if the fund had issued new shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>There are no brokerage charges with respect to common shares issued directly by the fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Shareholders participating in the Plan may buy additional shares of the fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s Web site at www.computershare.com/investor. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date, which is three business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com/investor. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If shareholders withdraw from the Plan, their shares will be credited to their account; or, if they wish, the Plan Agent will sell their full and fractional shares and send the shareholders the proceeds, less a transaction fee of $5 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder&#8217;s participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Shareholders who hold at least one full share of the fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com/investor. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If shareholders wish to participate in the Plan and their shares are held in the name of a brokerage firm, bank or other nominee, shareholders should contact their nominee to see if it will participate in the Plan. If shareholders wish to participate in the Plan, but their brokerage firm, bank or other nominee is unable to participate on their behalf, they will need to request that their shares be re-registered in their own name, or they will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by shareholders as representing the total amount registered in their name and held for their account by their nominee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Experience under the Plan may indicate that changes are desirable. Accordingly, the fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Effective July 1, 2013, the Plan was revised to reflect an updated definition of the market price. Under the revised Plan, &#8220;market price&#8221; is defined as &#8220;the last sale price for the fund&#8217;s shares in the market on that date as of the close of regular trading on the New York Stock Exchange (NYSE), or, if there is no sale in the market on that date or sale prices are not available, then the mean between the closing bid and asked quotations for such shares on such date.&#8221; This definition replaced the previous definition, stating that &#8220;market price&#8221; is &#8220;the last sale price for the fund&#8217;s shares on the New York Stock Exchange (NYSE) on that date, or, if there is no sale on the NYSE on that date, then the mean between the closing bid and asked quotations for such shares on the NYSE on such date.&#8221; In addition, effective November 1, 2013, the Plan was revised to provide that Computershare Trust Company, N.A. no longer provides mail loss insurance coverage when shareholders mail their certificates to the fund&#8217;s administrator.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>All correspondence or requests for additional information about the Plan should be directed to Computershare Trust Company, N.A., at the address stated below, or by calling 800-852-0218, 201-680-6578 (For International Telephone Inquiries) and 800-952-9245 (For the Hearing Impaired (TDD)).</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Shareholder communication and assistance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:</FONT></P>

<P style="TEXT-ALIGN: left"><STRONG><FONT face=sans-serif size=1>Computershare</FONT><BR><FONT face=sans-serif size=1>P.O. Box 43006</FONT><BR><FONT face=sans-serif size=1>Providence, RI 02940-3006</FONT><BR><FONT face=sans-serif size=1>Telephone: 800-852-0218</FONT></STRONG></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>Portfolio manager changes</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The portfolio management team at John Hancock Asset Management a division of Manulife Asset Management (US) LLC has changed. Effective May 15, 2013, Barry Evans no longer serves on the portfolio management team and, effective July 1, 2013, John F. Iles no longer serves on the portfolio management team of the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Jeffrey N. Given, CFA continues as a portfolio manager and, effective July 1, 2013, John F. Addeo, CFA, and Dennis F. McCafferty, CFA, have joined the investment management team of the Fund. Below is a brief summary of their business careers during the past five years.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>John F. Addeo, CFA</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Managing Director, John Hancock Asset Management since 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Investment Officer, Portfolio Manager/Analyst, High Yield Bond Group, MFS Investment</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Management (1998&#8211;2012)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Began business career in 1984 </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Joined fund team in 2013</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Jeffrey N. Given, CFA</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Senior Managing Director, John Hancock Asset Management since 2012 </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Managing Director, John Hancock Asset Management (2005&#8211;2012) </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Second Vice President, John Hancock Advisers, LLC (1993&#8211;2005) </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Began business career in 1993 </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Joined fund team in 1999</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Dennis F. McCafferty, CFA</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Managing Director, John Hancock Asset Management since 2009 </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Investment analyst, John Hancock Asset Management (2008&#8211;2009) </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Principal and senior analyst, Pardus Capital Management (2005&#8211;2008) </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Began business career in 1995 </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; Joined fund team in 2013</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=4>Continuation of Investment Advisory and Subadvisory Agreements</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Investors Trust (the fund) of the Advisory Agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadvisor). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Approval of Advisory and Subadvisory Agreements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>At in-person meetings held on May 16&#8211;17, 2013, the Board, including the Trustees who are not considered to be interested persons of the fund under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), reapproved for an annual period the continuation of the Advisory Agreement between the fund and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meeting a variety of materials relating to the fund, the Advisor, and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data; performance information for an applicable benchmark index; and other matters such as the prices at which the fund&#8217;s shares have traded and, with respect to the Subadvisor, comparative performance information for comparably managed accounts; and other information provided by the Advisor and the Subadvisor regarding the nature, extent, and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor&#8217;s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meeting at which the renewal of the Advisory Agreement and Subadvisory Agreement is considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board notes that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor&#8217;s affiliates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the fund and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Approval of Advisory Agreement</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy,</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>the securities markets, and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board&#8217;s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board&#8217;s ongoing regular review of fund performance and operations throughout the year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Nature, extent, and quality of services. </FONT></B><FONT face=serif size=2>Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor&#8217;s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the fund&#8217;s Chief Compliance Officer (CCO) regarding the fund&#8217;s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the Advisor&#8217;s risk management processes. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board also considered the differences between the Advisor&#8217;s services to the fund and the services it provides to other clients that are not closed-end funds, including, for example, the differences in services related to the regulatory and legal obligations of closed-end funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor&#8217;s management and the quality of the performance of the Advisor&#8217;s duties through Board meetings, discussions, and reports during the preceding year and through each Trustee&#8217;s experience as a Trustee of the fund and of the other funds in the complex.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(a) the skills and competency with which the Advisor has in the past managed the fund&#8217;s affairs and its subadvisory relationship, the Advisor&#8217;s oversight and monitoring of the Subadvisor&#8217;s investment performance and compliance programs, such as the Subadvisor&#8217;s compliance with fund policies and objective; review of brokerage matters, including with respect to trade allocation and best execution and the Advisor&#8217;s timeliness in responding to performance issues;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(b) the background, qualifications and skills of the Advisor&#8217;s personnel;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(c) the Advisor&#8217;s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(d) the Advisor&#8217;s administrative capabilities, including its ability to supervise the other service providers for the fund;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(f) the Advisor&#8217;s reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Investment performance. </FONT></B><FONT face=serif size=2>In considering the fund&#8217;s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund&#8217;s performance results. In connection with the consideration of the Advisory Agreement, the Board:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(a) reviewed information prepared by management regarding the fund&#8217;s performance;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(b) considered the comparative performance of an applicable benchmark index;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data. Such report included the fund&#8217;s ranking within a smaller group of peer funds and the fund&#8217;s ranking within a broader group of funds;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(d) took into account the Advisor&#8217;s analysis of the fund&#8217;s performance; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(e) considered the fund&#8217;s share performance and premium/discount information.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board noted that, based on its net asset value, the fund outperformed the benchmark index and peer group average for the one-, three-, and five-year periods ended December 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board concluded that the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the benchmark index.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Fees and expenses. </FONT></B><FONT face=serif size=2>The Board reviewed comparative information prepared by an independent third-party provider of fund data including, among other data, the fund&#8217;s contractual and net management fees and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund. The Board considered the fund&#8217;s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund&#8217;s ranking within a broader group of funds. In comparing the fund&#8217;s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board also took into account the impact of leverage on fund expenses. The Board took into account the management fee structure, including that management fees for the fund were based on the fund&#8217;s total managed assets, which are attributable to stock and borrowings.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board noted that net management fees for the fund are lower than the peer group median. The Board also noted that total expenses, based on total managed assets, which include the fund&#8217;s assets attributable to its common stock plus borrowings for investment purposes, for the fund are lower than the peer group median.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board also took into account management&#8217;s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee. The Board reviewed information provided by the Advisor concerning investment advisory fees charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the complex) having similar investment mandates, if any. The Board considered any differences between the Advisor&#8217;s and Subadvisor&#8217;s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Profitability/indirect benefits. </FONT></B><FONT face=serif size=2>In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor&#8217;s relationship with the fund, the Board:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(a) reviewed financial information of the Advisor;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(b) reviewed and considered an analysis presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(c) received and reviewed profitability information with respect to the John Hancock fund complex as a whole;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(d) received information with respect to the Advisor&#8217;s allocation methodologies used in preparing the profitability data;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(e) considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(f) noted that the fund&#8217;s Subadvisor is an affiliate of the Advisor;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(g) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(h) noted that the subadvisory fees for the fund are paid by the Advisor; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(i) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the entrepreneurial risk that it assumes as Advisor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Economies of scale. </FONT></B><FONT face=serif size=2>The Board considered whether there should be changes in the management fee rate or structure in order to enable the fund to participate in any economies of scale, noting that the fund has a limited ability to increase its assets as a closed-end fund. The Board took into account management&#8217;s discussions of the current advisory fee structure and, as noted above, the services the Advisor provides in performing its functions under the Advisory Agreement and in supervising the Subadvisor. The Board also considered potential economies of scale that may be realized by the fund as part of the John Hancock fund complex. The Board also considered the Advisor&#8217;s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the fund. The Board noted that the fund has breakpoints in its contractual management fee schedule. The Board also noted that the fund&#8217;s net management fees and total expenses are each lower than the peer group median. The Board determined that the management fee structure for the fund was reasonable.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Approval of Subadvisory Agreement</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(1) information relating to the Subadvisor&#8217;s business, including current subadvisory services to the fund (and other funds in the John Hancock family of funds); and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Nature, extent, and quality of services. </FONT></B><FONT face=serif size=2>With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor&#8217;s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor&#8217;s current level of staffing and its overall resources, as well as received information relating to the Subadvisor&#8217;s compensation program. The Board reviewed the Subadvisor&#8217;s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor&#8217;s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor&#8217;s compliance program and any disciplinary history. The Board also considered the Subadvisor&#8217;s risk assessment and monitoring process. The Board reviewed the Subadvisor&#8217;s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the fund&#8217;s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed by it to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board considered the Subadvisor&#8217;s investment process and philosophy. The Board took into account that the Subadvisor&#8217;s responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund&#8217;s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor&#8217;s brokerage policies and practices, including with respect to best execution and soft dollars.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Subadvisor compensation. </FONT></B><FONT face=serif size=2>In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement. In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor&#8217;s relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock fund complex and reputational benefits.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Subadvisory fees. </FONT></B><FONT face=serif size=2>The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. The Board also took into account the subadvisory fee paid by the Advisor to the Subadvisor with respect to the fund to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Subadvisor performance. </FONT></B><FONT face=serif size=2>As noted above, the Board considered the fund&#8217;s performance as compared to the fund&#8217;s peer group and the benchmark index and noted that the Board reviews information about the fund&#8217;s performance results at its regularly scheduled meetings. The Board noted the Advisor&#8217;s expertise and resources in monitoring the performance, investment style, and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor&#8217;s focus on the Subadvisor&#8217;s performance. The Board also noted the Subadvisor&#8217;s long-term performance record for similar accounts, as applicable.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Board&#8217;s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(1) The Subadvisor has extensive experience and demonstrated skills as a manager;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(2) The performance of the fund has been in line with or outperformed the historical performance of comparable funds and the benchmark index and the fund&#8217;s overall performance is satisfactory; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>(3) The subadvisory fees are reasonable in relation to the level and quality of services being provided.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Based on the Board&#8217;s evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.</FONT></P>

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   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>45</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=7>Trustees and Officers</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Independent Trustees</FONT></B></P>

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<TR>

   <TD width="70%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

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   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Name, year of birth</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Number of John</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><I><FONT face=sans-serif size=1>Position(s) held with fund</FONT></I></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>of the</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Hancock funds</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Trust</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>overseen by</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>since</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>James M. Oates,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1946</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director,</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Emerson Investment Management, Inc. (since 2000); Independent Chairman, Hudson Castle Group, Inc.</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>(formerly IBEX Capital Markets, Inc.) (financial services company) (1997&#8211;2011); Director, Stifel Financial</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>(since 1996); Director, Investor Financial Services Corporation (1995&#8211;2007); Director, Connecticut River</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%" colSpan=2><FONT face=sans-serif size=1>Bancorp (since 1998); Director, Virtus Funds (formerly Phoenix Mutual Funds) (since 1988).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%" colSpan=2><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee and Chairperson of the Board, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2012); Trustee (2005&#8211;2006 and</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>since 2012) and Chairperson of the Board (since 2012), John Hancock Funds III; Trustee (since 2004) and</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Chairperson of the Board (since 2005), John Hancock Variable Insurance Trust; Trustee and Chairperson</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>of the Board, John Hancock Funds II (since 2005).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Charles L. Bardelis,</FONT></B><SUP><FONT face=sans-serif size=1>2,3 </FONT></SUP><FONT face=sans-serif size=1>Born: 1941</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Director, Island Commuter Corp. (marine transport).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2012); Trustee, John Hancock Funds III (2005&#8211;2006 and</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>since 2012); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee, John Hancock</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Funds&nbsp;II (since 2005).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Peter S. Burgess,</FONT></B><SUP><FONT face=sans-serif size=1>2,3 </FONT></SUP><FONT face=sans-serif size=1>Born: 1942</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant;</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (since 2010);</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Director, PMA Capital Corporation (2004&#8211;2010).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2012); Trustee, John Hancock Funds III (2005&#8211;2006 and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>since&nbsp;2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>William H. Cunningham, </FONT></B><FONT face=sans-serif size=1>Born: 1944</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>and former President of the University of Texas, Austin, Texas; Director, LIN Television (since 2009);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director,</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Resolute Energy Corporation (since 2009); Director, Southwest Airlines (since 2000); former Director,</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Introgen (manufacturer of biopharmaceuticals) (until 2008); former Director, Hicks Acquisition Company&nbsp;I,</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Inc. (until 2007); former Director, Texas Exchange Bank, SSB (formerly Bank of Crowley) (until 2009);</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>former Advisory Director, JP Morgan Chase Bank (formerly Texas Commerce Bank&#8211;Austin) (until 2009).</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 1986); Trustee, John Hancock Variable Insurance Trust</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>(since&nbsp;2012); Trustee, John Hancock Funds II (since 2012 and 2005&#8211;2006).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

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<TR>

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   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>46</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Independent Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT></P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Name, year of birth</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Number of John</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><I><FONT face=sans-serif size=1>Position(s) held with fund</FONT></I></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>of the</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Hancock funds</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Trust</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>overseen by</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>since</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Grace K. Fey,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1946</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%" colSpan=2><FONT face=sans-serif size=1>Capital Management Company (1988&#8211;2007); Director, Fiduciary Trust (since 2009).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%" colSpan=2><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2012); Trustee, John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>John Hancock Funds II (since 2008).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Theron S. Hoffman,</FONT></B><SUP><FONT face=sans-serif size=1>2,3 </FONT></SUP><FONT face=sans-serif size=1>Born: 1947</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Organization (consulting firm) (2003&#8211;2010); President, Westport Resources Management (investment</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>management consulting firm) (2006&#8211;2008); Senior Managing Director, Partner, and Operating Head,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Putnam Investments (2000&#8211;2003); Executive Vice President, The Thomson Corp. (financial and legal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>information publishing) (1997&#8211;2000).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2012); Trustee, John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>John Hancock Funds II (since 2008).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Deborah C. Jackson, </FONT></B><FONT face=sans-serif size=1>Born: 1952</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2008</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>President, Cambridge College, Cambridge, Massachusetts (since 2011); Chief Executive Officer,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>American Red Cross of Massachusetts Bay (2002&#8211;2011); Board of Directors of Eastern Bank Corporation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>(since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>of American Student Assistance Corporation (1996&#8211;2009); Board of Directors of Boston Stock Exchange</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>(2002&#8211;2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007&#8211;2011).</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2008); Trustee of John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>John Hancock Funds II (since 2012).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Hassell H. McClellan,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1945</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Associate Professor, The Wallace E. Carroll School of Management, Boston College (since 1984);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, Virtus Variable Insurance Trust (formerly Phoenix Edge Series Funds) (since 2008); Director, The</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Barnes Group (since 2010).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2012); Trustee, John Hancock Funds III (2005&#8211;2006 and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>since&nbsp;2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Steven R. Pruchansky, </FONT></B><FONT face=sans-serif size=1>Born: 1944</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Director,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>First Signature Bank &amp; Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Maxwell Building Corp. (until 1991).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee (since 1992) and Chairperson of the Board (2011&#8211;2012), John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4</FONT></SUP><FONT face=sans-serif size=1>; Trustee and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Vice Chairperson of the Board, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4</FONT></SUP><FONT face=sans-serif size=1>, John Hancock Variable Insurance Trust, and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>John Hancock Funds II (since 2012).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="98%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>47</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Independent Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT></P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Name, year of birth</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Number of John</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><I><FONT face=sans-serif size=1>Position(s) held with fund</FONT></I></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>of the</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Hancock funds</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Trust</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>overseen by</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>since</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

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   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Gregory A. Russo, </FONT></B><FONT face=sans-serif size=1>Born: 1949</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2008</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>system); Director and Member of Finance Committee, The Moorings, Inc. (nonprofit continuing care</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>community) (since 2012); Vice Chairman, Risk &amp; Regulatory Matters, KPMG LLP (KPMG) (2002&#8211;2006);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Vice Chairman, Industrial Markets, KPMG (1998&#8211;2002); Chairman and Treasurer, Westchester County,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>New York, Chamber of Commerce (1986&#8211;1992); Director, Treasurer, and Chairman of Audit and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Finance Committees, Putnam Hospital Center (1989&#8211;1995); Director and Chairman of Fundraising</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%" colSpan=2><FONT face=sans-serif size=1>Campaign, United Way of Westchester and Putnam Counties, New York (1990&#8211;1995).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%" colSpan=2><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2008); Trustee, John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>John Hancock Funds II (since 2012).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT face=sans-serif size=1><BR>Non-Independent Trustees</FONT></B><SUP><FONT face=sans-serif size=1>5<BR><BR></FONT></SUP></P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Name, year of birth</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Number of John</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><I><FONT face=sans-serif size=1>Position(s) held with fund</FONT></I></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>of the</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Hancock funds</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Trust</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>overseen by</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>since</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>James R. Boyle,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1959</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Senior Executive Vice President, John Hancock Financial Services (1999&#8211;2012, including prior positions);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC, and John Hancock</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Investment Management Services, LLC (2005&#8211;2010).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2012 and 2005&#8211;2010); Trustee, John Hancock Variable</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Insurance Trust and John Hancock Funds II (since 2005).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Craig Bromley,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1966</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>President, John Hancock Financial Services (since 2012); Senior Executive Vice President and General</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Manager, U.S. Division, John Hancock Financial Services (since 2012); President and Chief Executive</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Officer, Manulife Insurance Company (Manulife Japan) (2005&#8211;2012, including prior positions).</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds,</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>John Hancock Variable Insurance Trust, and John Hancock Funds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>II (since 2012).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B><FONT face=sans-serif size=1>Warren A. Thomson,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1955</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Senior Executive Vice President and Chief Investment Officer, Manulife Financial Corporation and The</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Manufacturers Life Insurance Company (since 2009); Chairman and Chief Executive Officer, Manulife</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Asset Management (since 2001, including prior positions); Director (since 2006), and President and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Chief Executive Officer (since 2013), Manulife Asset Management Limited; Director and Chairman,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Hancock Natural Resources Group, Inc. (since 2013).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>&nbsp;</FONT></TD>

   <TD noWrap align=left width="15%"></TD>

   <TD noWrap align=left width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=3><FONT face=sans-serif size=1>Trustee, John Hancock retail funds,</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>John Hancock Variable Insurance Trust, and John Hancock</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><FONT face=sans-serif size=1>Funds&nbsp;II (since 2012).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>48</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Principal officers who are not Trustees</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Name, year of birth</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Officer</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><I><FONT face=sans-serif size=1>Position(s) held with fund</FONT></I></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>of the</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>since</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Hugh McHaffie, </FONT></B><FONT face=sans-serif size=1>Born: 1959</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><I><FONT face=sans-serif size=1>President</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment Management Services,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>LLC, and John Hancock Funds, LLC (since 2010); President, John Hancock Advisers, LLC (since 2012);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>President, John Hancock Investment Management Services, LLC (since 2010); President (since 2012) and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>former Trustee (2010&#8211;2012), John Hancock retail funds,</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>President, John Hancock Variable Insurance</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Trust and John Hancock Funds&nbsp;II (since 2009).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Andrew G. Arnott, </FONT></B><FONT face=sans-serif size=1>Born: 1971</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2009</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><I><FONT face=sans-serif size=1>Executive Vice President</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Senior Vice President, John Hancock Financial Services (since 2009); Director and Executive Vice</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>President, John Hancock Advisers, LLC (since 2005, including prior positions); Director and Executive</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Vice President, John Hancock Investment Management Services, LLC (since 2006, including prior</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>positions); President, John Hancock Funds, LLC (since 2004, including prior positions); Executive Vice</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>President, John Hancock retail funds,</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>John Hancock Variable Insurance Trust, and John Hancock Funds</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>II (since 2007, including prior positions).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Thomas M. Kinzler, </FONT></B><FONT face=sans-serif size=1>Born: 1955</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><I><FONT face=sans-serif size=1>Secretary and Chief Legal Officer</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>John Hancock Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds,</FONT><SUP><FONT face=sans-serif size=1>4</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2006).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Francis V. Knox, Jr., </FONT></B><FONT face=sans-serif size=1>Born: 1947</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="85%"><I><FONT face=sans-serif size=1>Chief Compliance Officer</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>retail funds,</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Advisers,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>LLC, and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>LLC (2005&#8211;2008).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Charles A. Rizzo, </FONT></B><FONT face=sans-serif size=1>Born: 1957</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2007</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><I><FONT face=sans-serif size=1>Chief Financial Officer</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Vice President, John Hancock Financial Services (since 2007); Senior Vice President, John Hancock</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2007, including prior positions); Treasurer, John Hancock Variable</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Insurance Trust and John Hancock Funds&nbsp;II (2007&#8211;2009 and since 2010, including prior positions).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=right width="98%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>49</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=1>Principal officers who are not Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT></P>

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   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Name, year of birth</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Officer</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><B><I><FONT face=sans-serif size=1>Position(s) held with fund</FONT></I></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>of the</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>since</FONT></B>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2></TD></TR>

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   <TD width="100%" colSpan=2>&nbsp; </TD></TR>

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   <TD noWrap align=left width="85%"><B><FONT face=sans-serif size=1>Salvatore Schiavone, </FONT></B><FONT face=sans-serif size=1>Born: 1965</FONT>&nbsp;</TD>

   <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2010</FONT>&nbsp;</TD></TR>

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   <HR noShade SIZE=1>

</TD></TR>

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   <TD noWrap align=left width="85%"><I><FONT face=sans-serif size=1>Treasurer</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=1>John Hancock retail funds</FONT><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>(since 2007, including prior positions); Treasurer, John Hancock Variable</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>Insurance Trust and John Hancock Funds II (since 2010 and 2007&#8211;2009, including prior positions).</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD noWrap align=left width="85%"><FONT face=sans-serif size=1>The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Mr. Bromley, Ms. Jackson, Mr. Oates, and Mr. Pruchansky serve as Trustees for a term expiring in 2016; Mr.&nbsp;Bardelis, Mr. Burgess, Mr. Hoffman, and Mr. Thomson serve as Trustees for a term expiring in 2015; and Mr. Boyle, Mr.&nbsp;Cunningham, Ms. Fey, Mr. McClellan, and Mr. Russo serve as Trustees for a term expiring in 2014.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Became a Trustee of the fund effective December 1, 2012. </FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>Member of the Audit Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>&#8220;John Hancock retail funds&#8221; comprises John Hancock Funds III and 34 other John Hancock funds consisting of 24&nbsp;series of other John Hancock trusts and 10&nbsp;closed-end funds.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT face=sans-serif size=1>5 </FONT></SUP><FONT face=sans-serif size=1>The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.</FONT></P>

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<TR>

   <TD width="2%"></TD>

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   <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>50</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=1>Investors Trust </FONT><B><FONT face=sans-serif size=1>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=7>More information</FONT></P>

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   <TD width="33%"></TD>

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   <TD noWrap align=left width="33%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="33%"><B><FONT face=sans-serif size=1>Officers</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="33%"><B><FONT face=sans-serif size=1>Investment advisor</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>James M. Oates,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Hugh McHaffie</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>John Hancock Advisers, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="33%"><I><FONT face=serif size=2>Chairperson</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="33%"><I><FONT face=serif size=2>President</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Steven R. Pruchansky,</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"><STRONG><FONT face=sans-serif size=1>Subadvisor</FONT></STRONG>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="33%"><I><FONT face=serif size=2>Vice Chairperson</FONT></I>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Andrew G. Arnott</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>John Hancock Asset Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Charles L. Bardelis</FONT><FONT face=sans-serif size=1>*</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><EM><FONT face=serif size=2>Executive Vice President</FONT></EM>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="33%"><FONT face=serif size=2>a division of Manulife Asset</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>James R. Boyle</FONT><FONT face=sans-serif size=1>&#8224;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="33%"><FONT face=serif size=2>Management (US) LLC</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Craig Bromley</FONT><FONT face=sans-serif size=1>&#8224;</FONT>&nbsp;&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Thomas M. Kinzler</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Peter S. Burgess</FONT><FONT face=sans-serif size=1>*</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><EM><FONT face=serif size=2>Secretary and Chief Legal Officer</FONT></EM>&nbsp;</TD>

   <TD noWrap align=left width="33%"><STRONG><FONT face=sans-serif size=1>Custodian</FONT></STRONG>&nbsp;&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>State Street Bank and</FONT>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Grace K. Fey</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Francis V. Knox, Jr.</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="33%"><FONT face=serif size=2>Trust Company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Theron S. Hoffman</FONT><FONT face=sans-serif size=1>*</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><EM><FONT face=serif size=2>Chief Compliance Officer</FONT></EM>&nbsp;&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Deborah C. Jackson</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"><STRONG><FONT face=sans-serif size=1>Transfer agent</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Hassell H. McClellan</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Charles A. Rizzo</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Computershare Shareowner</FONT>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Gregory A. Russo</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><EM><FONT face=serif size=2>Chief Financial Officer</FONT></EM>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="33%"><FONT face=serif size=2>Services, LLC</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Warren A. Thomson</FONT><FONT face=sans-serif size=1>&#8224;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD></TR>

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   <TD align=left width="33%">&nbsp;</TD>

   <TD align=left width="33%"><FONT face=serif size=2>Salvatore Schiavone</FONT>&nbsp;&nbsp;</TD>

   <TD align=left width="33%"><STRONG><FONT face=sans-serif size=1>Legal counsel</FONT></STRONG>&nbsp;&nbsp;&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>*Member of the</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><EM><FONT face=serif size=2>Treasurer</FONT></EM>&nbsp;&nbsp;&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>K&amp;L Gates LLP</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Audit&nbsp;Committee</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>&#8224;Non-Independent Trustee</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><STRONG><FONT face=sans-serif size=1>Independent registered</FONT></STRONG>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><STRONG><FONT face=sans-serif size=1>public accounting firm</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>PricewaterhouseCoopers LLP</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2><STRONG><FONT face=sans-serif size=1>Stock symbol</FONT></STRONG><FONT size=3>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Listed New York Stock<FONT size=3>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"></TD>

   <TD style="TEXT-INDENT: 6px" noWrap align=left width="33%"><FONT face=serif size=2>Exchange: JHI<FONT size=3>&nbsp;</FONT></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD noWrap align=left width="33%"><B><FONT face=sans-serif size=1>For shareholder assistance refer to page 39</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%">&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>You can also contact us:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1><STRONG>800-852-0218</STRONG><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>

   <TD noWrap align=left width="33%"><B><FONT face=sans-serif size=1>Regular mail:</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1><STRONG>jhinvestments.com</STRONG><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Computershare</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>P.O. Box 43006</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Providence, RI 02940-3006</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>The fund&#8217;s proxy voting policies and procedures, as well as the fund&#8217;s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>The fund&#8217;s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form&nbsp;N-Q. The fund&#8217;s Form N-Q is available on our website and the SEC&#8217;s website, sec.gov, and can be reviewed and copied (for a fee) at the SEC&#8217;s Public Reference Room in Washington, DC. Call 800-SEC-0330 to&nbsp;receive information on the operation of the SEC&#8217;s Public Reference Room.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>We make this information on your fund, as well as </FONT><B><FONT face=sans-serif size=1>monthly portfolio holdings</FONT></B><FONT face=sans-serif size=1>, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=serif size=2>The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.</FONT></I></P>

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   <TD noWrap align=right width="98%"><B><FONT face=sans-serif size=1>Annual report | </FONT></B><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp;</TD>

   <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>51</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>800-852-0218</FONT><BR><FONT face=sans-serif size=2>800-843-0090 EASI-Line</FONT><BR><FONT face=sans-serif size=2>jhinvestments.</FONT><FONT face=sans-serif size=2>com</FONT></P>
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<FONT size=2 face="sans-serif">ITEM 2. CODE OF ETHICS.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">As of the end of the year, October 31, 2013, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the &#147;Senior Financial Officers&#148;). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Peter S. Burgess is the audit committee financial expert and is &#147;independent&#148;, pursuant to general instructions on Form N-CSR Item 3.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a) Audit Fees</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The aggregate fees billed for professional services rendered by the principal accountant(s) for the audit of the registrant&#146;s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to &#36;50,281 for the fiscal year ended October 31, 2013 and &#36;48,115 for the fiscal year ended October 31, 2012. These fees were billed to the registrant and were approved by the registrant&#146;s audit committee.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) Audit-Related Services</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Audit-related fees amounted to &#36;0 for the fiscal year ended October 31, 2013 and &#36;0 for the fiscal year ended October 31, 2012 billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates").</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c) Tax Fees</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The aggregate fees billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (&#147;tax fees&#148;) amounted to &#36;3,200 for the fiscal year ended October 31, 2013 and &#36;3,200 for the fiscal year ended October 31, 2012. The nature of the services comprising the tax fees was the review of the registrant&#146;s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant&#146;s audit committee.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(d) All Other Fees</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Other fees amounted to $3,964 for the fiscal year ended October 31, 2013 and $419 for the fiscal year ended October 31, 2012 billed to the registrant or the control affiliates.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The trust&#146;s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the &#147;Auditor&#148;) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The trust&#146;s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee&#146;s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Audit-Related Fees, Tax Fees and All Other Fees:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(f) According to the registrant&#8217;s principal accountant, for the fiscal year ended October 31, 2013, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $4,606,033 for the fiscal year ended October 31, 2013 and $3,659,553 for the fiscal year ended October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(h) The audit committee of the registrant has considered the non-audit services provided by the registrant&#8217;s principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Peter S. Burgess - Chairman</FONT><BR><FONT size=2 face=sans-serif>Charles L. Bardelis</FONT><BR><FONT size=2 face=sans-serif>Theron S. Hoffman</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Not applicable.</FONT><BR><FONT size=2 face=sans-serif>(b) Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>See attached exhibit &#8220;Proxy Voting Policies and Procedures&#8221;.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT </FONT><FONT size=2 face=sans-serif>COMPANIES.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>Information about the portfolio managers</FONT></B><BR><B><FONT size=3 face=sans-serif>Management Biographies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>Below is a list of the portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years. Information is provided as of December 1, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>John F. Addeo, CFA</FONT></B><BR><FONT size=3 face=sans-serif>Managing Director and Portfolio Manager, John Hancock Asset Management since 2012</FONT><BR><FONT size=3 face=sans-serif>Investment Officer, Portfolio Manager/Analyst, High Yield Bond Group,</FONT><BR><FONT size=3 face=sans-serif>MFS Investment Management (1998-2012)</FONT><BR><FONT size=3 face=sans-serif>Began business career in 1984</FONT><BR><FONT size=3 face=sans-serif>Joined Fund team in 2013</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>Jeffrey N. Given, CFA</FONT></B><BR><FONT size=3 face=sans-serif>Senior Managing Director and Senior Portfolio Manager, John Hancock Asset</FONT><BR><FONT size=3 face=sans-serif>Management since 2012</FONT><BR><FONT size=3 face=sans-serif>Managing Director, John Hancock Asset Management (2005-2012)</FONT><BR><FONT size=3 face=sans-serif>Second Vice President, John Hancock Advisers, LLC (1993-2005)</FONT><BR><FONT size=3 face=sans-serif>Began business career in 1993</FONT><BR><FONT size=3 face=sans-serif>Joined Fund team in 1999</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>Dennis F. McCafferty, CFA</FONT></B><BR><FONT size=3 face=sans-serif>Managing Director and Portfolio Manager, John Hancock Asset Management since 2009</FONT><BR><FONT size=3 face=sans-serif>Investment Analyst, John Hancock Asset Management (2008-2009)</FONT><BR><FONT size=3 face=sans-serif>Principal and Senior Analyst, Pardus Capital Management (2005-2008)</FONT><BR><FONT size=3 face=sans-serif>Began business career in 1995</FONT><BR><FONT size=3 face=sans-serif>Joined Fund team in 2013</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>Other Accounts the Portfolio Managers are Managing</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2013. For purposes of the table, &#8220;Other Pooled Investment Vehicles&#8221; may include investment partnerships and group trusts, and &#8220;Other Accounts&#8221; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>

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   <TD width="35%" noWrap align=left><B><FONT size=3 face=sans-serif>P</FONT></B><B><FONT size=2 face=sans-serif>ORTFOLIO </FONT></B><B><FONT size=3 face=sans-serif>M</FONT></B><B><FONT size=2 face=sans-serif>ANAGER </FONT></B><B><FONT size=3 face=sans-serif>N</FONT></B><B><FONT size=2 face=sans-serif>AME</FONT></B>&nbsp;</TD>

   <TD width="64%" noWrap align=left><B><FONT size=3 face=sans-serif>O</FONT></B><B><FONT size=2 face=sans-serif>THER </FONT></B><B><FONT size=3 face=sans-serif>A</FONT></B><B><FONT size=2 face=sans-serif>CCOUNTS </FONT></B><B><FONT size=3 face=sans-serif>M</FONT></B><B><FONT size=2 face=sans-serif>ANAGED BY THE </FONT></B><B><FONT size=3 face=sans-serif>P</FONT></B><B><FONT size=2 face=sans-serif>ORTFOLIO </FONT></B><B><FONT size=3 face=sans-serif>M</FONT></B><B><FONT size=2 face=sans-serif>ANAGER</FONT></B>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left><FONT size=3 face=sans-serif>John F. Addeo, CFA</FONT>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Investment Companies: Two (2) funds with assets of</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left><FONT size=3 face=sans-serif></FONT></TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif><FONT size=3 face=sans-serif>approximately $720.0 million.</FONT></FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Pooled Investment Vehicles: Nine (9) accounts with assets</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left></TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif><FONT size=3 face=sans-serif>of approximately $1.5 billion.</FONT></FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Accounts: None</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left><FONT size=3 face=sans-serif>Jeffrey N. Given, CFA</FONT>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Investment Companies: Fourteen (14) funds with assets of</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>approximately $18.3 billion.</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Pooled Investment Vehicles: Three (3) accounts with</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left><B><FONT size=3 face=sans-serif>P</FONT></B><B><FONT size=2 face=sans-serif>ORTFOLIO </FONT></B><B><FONT size=3 face=sans-serif>M</FONT></B><B><FONT size=2 face=sans-serif>ANAGER </FONT></B><B><FONT size=3 face=sans-serif>N</FONT></B><B><FONT size=2 face=sans-serif>AME</FONT></B>&nbsp;</TD>

   <TD width="64%" noWrap align=left><B><FONT size=3 face=sans-serif>O</FONT></B><B><FONT size=2 face=sans-serif>THER </FONT></B><B><FONT size=3 face=sans-serif>A</FONT></B><B><FONT size=2 face=sans-serif>CCOUNTS </FONT></B><B><FONT size=3 face=sans-serif>M</FONT></B><B><FONT size=2 face=sans-serif>ANAGED BY THE </FONT></B><B><FONT size=3 face=sans-serif>P</FONT></B><B><FONT size=2 face=sans-serif>ORTFOLIO </FONT></B><B><FONT size=3 face=sans-serif>M</FONT></B><B><FONT size=2 face=sans-serif>ANAGER</FONT></B>&nbsp;</TD></TR>

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   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>assets of approximately $223.4 million.</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Accounts: Twelve (12) accounts with assets of</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>approximately $4.4 billion.</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left><FONT size=3 face=sans-serif>Dennis F. McCafferty, CFA</FONT>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Investment Companies: Two (2) funds with assets of</FONT>&nbsp;</TD></TR>

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   <TD width="35%" align=center><FONT size=3 face=sans-serif></FONT></TD>

   <TD width="64%" align=left><FONT size=3 face=sans-serif>approximately $720.0 million.</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Pooled Investment Vehicles: Sixteen (16) accounts with</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>assets of approximately $2.5 billion.</FONT>&nbsp;</TD></TR>

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   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="64%" noWrap align=left><FONT size=3 face=sans-serif>Other Accounts: None</FONT>&nbsp;</TD></TR>

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<P style="MARGIN: 0px"><FONT size=3 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=3 face=sans-serif>With respect to accounts managed by Mr. Given, the Subadviser receives a performance-based fee with respect to one Other Account with total assets of approximately $59 million.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>Conflicts of Interest</FONT></B><U><FONT size=3 face=sans-serif>. </FONT></U><FONT size=3 face=sans-serif>When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#8217;s responsibility for the management of the Fund as well as one or more other accounts. The Subadviser has adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. The Subadviser has structured its compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See &#8220;Compensation of Portfolio Managers&#8221; below.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8226; </FONT><FONT size=3 face=sans-serif>A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings (&#8220;IPOs&#8221;) and private placements. If, for example, an IPO that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the IPO. The Subadviser has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8226; </FONT><FONT size=3 face=sans-serif>A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadviser generally require that such trades be &#8220;bunched,&#8221; which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances also may arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadviser will place the order in a manner intended to result in as favorable a price as possible for such client.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8226; </FONT><FONT size=3 face=sans-serif>A portfolio manager could favor an account if the portfolio manager&#8217;s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager&#8217;s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadviser receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager&#8217;s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager&#8217;s compensation. See &#8220;Compensation of Portfolio Managers&#8221; below. The Subadviser receives a performance-based fee with respect to certain of the other accounts managed by the portfolio managers of the Fund described above.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8226; </FONT><FONT size=3 face=sans-serif>A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadviser imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8226; </FONT><FONT size=3 face=sans-serif>If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadviser seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security. While these accounts have many similarities, the investment</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>performance of each account will be different due to differences in fees, expenses and cash flows.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>Compensation of Portfolio Managers</FONT></B><FONT size=3 face=sans-serif>. The Subadviser has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At the Subadviser, investment professionals are compensated with a combination of base salary and performance bonuses (e.g., cash and deferral awards). The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>&#8226; </FONT><B><FONT size=3 face=sans-serif>Base salaries. </FONT></B><FONT size=3 face=sans-serif>Base salaries are market-based and fixed. Salary ranges are reviewed and adjusted annually. Individual salary adjustments are based on individual performance against mutually-agreed-upon objectives and development of technical and experiential skills.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>&#8226; </FONT><B><FONT size=3 face=sans-serif>Performance Bonuses. </FONT></B><FONT size=3 face=sans-serif>Performance bonuses take the form of cash and deferred incentives.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif><FONT lang=EN-US size=3 face="arial narrow">&#9642;</FONT> </FONT><B><FONT size=3 face=sans-serif>Short-Term Cash Incentives. </FONT></B><FONT size=3 face=sans-serif>Short-term incentives take the form of annual cash awards. Individual targets are market-based and actual awards are tied to performance against various objective measures and on overall personal performance ratings. These include:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>&#8212; </FONT><B><I><FONT size=3 face=sans-serif>Investment Performance. </FONT></I></B><FONT size=3 face=sans-serif>The majority of the bonus considered under the plan is based on investment performance of accounts managed by the investment professional over one, three and five year periods (to the extent applicable). The pre-tax performance of each account is measured relative to an appropriate benchmark or universe as identified in the table below.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>&#8212; </FONT><B><I><FONT size=3 face=sans-serif>Financial Performance of the Subadviser. </FONT></I></B><FONT size=3 face=sans-serif>The financial performance of the Subadviser and its parent corporation are also considered in determining bonus awards.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>&#8212; </FONT><B><I><FONT size=3 face=sans-serif>Non-Investment Performance. </FONT></I></B><FONT size=3 face=sans-serif>The more intangible contributions of an investment professional to the Subadviser&#8217;s business, including new strategy idea generation, professional growth and development, and management, where applicable, are evaluated in determining the amount of any bonus award.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif><FONT lang=EN-US size=3 face="arial narrow">&#9642;</FONT> </FONT><B><FONT size=3 face=sans-serif>Long-Term Incentives. </FONT></B><FONT size=3 face=sans-serif>All investment professionals are eligible for participation in a deferred incentive plan. 100% of the eligible awards are invested in the strategies that the team manages as well as other strategies managed by other teams at the Subadviser. The Subadviser believes that owning units in the same strategies a team manages aligns the performance goals of both client and manager giving the team added incentive to act in the best interest of the Company&#8217;s clients.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>As an added incentive, certain investment professionals (considered officers of Manulife Financial) would receive a portion of their award in Manulife Restricted Share Units (&#8220;RSUs&#8221;) or stock options. This plan is based on the value of the underlying common shares of Manulife Financial.</FONT></P></DIV>

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<TR>

   <TD width="45%"></TD>

   <TD width="45%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left><B><FONT size=3 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="45%" noWrap align=left><B><FONT size=3 face=sans-serif>Benchmark</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=3 face=sans-serif></FONT></B></TD></TR>

<TR>

   <TD width="90%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left><FONT size=3 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>

   <TD width="45%" noWrap align=left><FONT size=3 face=sans-serif>Barclays Capital U.S. Aggregate Bond Index</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD></TR>

<TR>

   <TD width="90%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="10%"></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=3 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=3 face=sans-serif>Share Ownership by Portfolio Managers</FONT></B><FONT size=3 face=sans-serif>. The following table indicates as of October 31, 2013 the value, within the indicated range, of shares beneficially owned by the portfolio managers in the Fund.</FONT></P>

<P style="MARGIN: 0px"><FONT face=Arial></FONT>&nbsp;</P>

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<TR>

   <TD width="47%"></TD>

   <TD width="26%"></TD>

   <TD width="26%"></TD></TR>

<TR vAlign=bottom>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="26%" noWrap align=center><B><FONT size=3 face=sans-serif>Range of</FONT></B>&nbsp;</TD>

   <TD width="26%" noWrap align=center><B><FONT size=3 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="26%" noWrap align=center><B><FONT size=3 face=sans-serif>Beneficial</FONT></B>&nbsp;</TD>

   <TD width="26%" noWrap align=center><B><FONT size=3 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="47%" noWrap align=left><B><FONT size=3 face=sans-serif>Portfolio Manager</FONT></B>&nbsp;</TD>

   <TD width="26%" noWrap align=center><B><FONT size=3 face=sans-serif>Ownership</FONT></B>&nbsp;</TD>

   <TD width="26%" noWrap align=center></TD></TR>

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   <TD width="73%" colSpan=2>

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   <TD width="47%" noWrap align=left><FONT size=3 face=sans-serif>John F. Addeo, CFA</FONT>&nbsp;</TD>

   <TD width="26%" noWrap align=center><FONT size=3 face=sans-serif>None</FONT>&nbsp;</TD>

   <TD width="26%" noWrap align=center></TD></TR>

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   <TD width="73%" colSpan=2>

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</TD>

   <TD width="26%"></TD></TR>

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   <TD width="47%" noWrap align=left><FONT size=3 face=sans-serif>Jeffrey N. Given, CFA</FONT>&nbsp;</TD>

   <TD width="26%" noWrap align=center><FONT size=3 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="26%" noWrap align=center></TD></TR>

<TR>

   <TD width="73%" colSpan=2>

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</TD>

   <TD width="26%"></TD></TR>

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   <TD width="47%" noWrap align=left><FONT size=3 face=sans-serif>Dennis F. McCafferty, CFA</FONT>&nbsp;</TD>

   <TD width="26%" noWrap align=center><FONT size=3 face=sans-serif>None</FONT>&nbsp;</TD>

   <TD width="26%" noWrap align=center></TD></TR>

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   <TD width="73%" colSpan=2>

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</TD>

   <TD width="26%"></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT </FONT><FONT size=2 face=sans-serif>INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Revisions to the Governance Committee Charter are as follows.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Effective September 27, 2013, the Board of Trustees of the fund amended and restated in its entirety the By-&shy;-laws of the fund (the &#8220;Amended and Restated By-&shy;-laws&#8221;). &nbsp; The Amended and Restated &nbsp;By-&shy;-laws include, among other changes, provisions that: &nbsp;(i) require a shareholder to give written advance notice and other information to the fund of the shareholder&#8217;s nominees for Trustees and proposals for other business to be considered at shareholders&#8217; meetings, or in the event a &nbsp; shareholder proposes to seek a &nbsp; shareholder action by written consent or request a &nbsp;special meeting of shareholders; (ii) require any such notice by a shareholder to be accompanied by certain &nbsp;information &nbsp;as provided &nbsp;in &nbsp;the By-&shy;-laws; &nbsp;(iii) provide that Trustees may be nominated by shareholders only at an &nbsp; annual meeting of the fund &nbsp; or special meeting in &nbsp; lieu &nbsp; of an &nbsp; annual meeting; and (iv) reserve to &nbsp;the Trustees the exclusive power to &nbsp;adopt, alter, amend &nbsp;or repeal any provision of the &nbsp;By-&shy;-laws or to make new By-&shy;-laws, except where the Declaration of Trust, By-&shy;-laws or applicable law would also require a shareholder vote to effect such adoption, alteration, amendment or repeal. The &nbsp;foregoing description of the &nbsp;By-&shy;-laws is qualified in its entirety by the full text &nbsp; of &nbsp; the Amended and Restated By-&shy;-laws effective as of September 27, 2013, which are available &nbsp; by writing to the &nbsp; Secretary of the &nbsp; fund at 601 &nbsp; Congress Street, 11</FONT><SUP><FONT size=2 face=sans-serif>th</FONT></SUP><FONT size=2 face=sans-serif> Floor, Boston, Massachusetts 02210. </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 11. CONTROLS AND PROCEDURES.</FONT></P></DIV>

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<FONT size=2 face="sans-serif">(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a)(1) Code of Ethics for Senior Financial Officers is attached.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c)(1) Proxy Voting Policies and Procedures are attached.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached &#147;John Hancock &#150; Governance Committee Charter&#148;.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c)(3) Contact person at the registrant.</FONT></P>
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<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

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   <TD width="5%"></TD>

   <TD width="94%"></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>John Hancock Investors Trust</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="94%" align=left><FONT size=2 face=sans-serif>Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>December 20, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>

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<TR>

   <TD width="5%"></TD>

   <TD width="94%"></TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="94%" align=left><FONT size=2 face=sans-serif>Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>December 20, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>--------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="94%" align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>December 20, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Hugh McHaffie, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. I have reviewed this report on Form N-CSR of the John Hancock Investors Trust (the &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>December 20, 2013</FONT></U>&nbsp;</TD>

   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

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   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Hugh McHaffie</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Charles A. Rizzo, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. I have reviewed this report on Form N-CSR of the John Hancock Investors Trust (the &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>December 20, 2013</FONT></U>&nbsp;</TD>

   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

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   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_investorstrustnoscerts.htm
<DESCRIPTION>906 CERTIFICATION
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   <TD noWrap align=center><B><FONT size=2 face=sans-serif>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of</FONT></B>&nbsp;</TD></TR>

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   <TD align=center><B><FONT size=2 face=sans-serif>the Sarbanes-Oxley Act of 2002</FONT></B></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In connection with the attached Report of John Hancock Investors Trust (the &#8220;registrant&#8221;) on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.</FONT></P>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>--------------------------------</FONT>&nbsp;</TD></TR>

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   <TD width="95%" align=left><FONT size=2 face=sans-serif>Hugh McHaffie</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Dated:</FONT></FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>December 20, 2013</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD></TR>

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   <TD width="95%" align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Dated:</FONT></FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>December 20, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.</FONT></P></DIV>

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<TYPE>EX-99.CODE ETH
<SEQUENCE>4
<FILENAME>d_soxcodeofethicsjune2013.htm
<DESCRIPTION>CODE OF ETHICS
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   <TD align=center><B><FONT size=3 face=serif>J</FONT></B><B><FONT size=2 face=serif>OHN </FONT></B><B><FONT size=3 face=serif>H</FONT></B><B><FONT size=2 face=serif>ANCOCK </FONT></B><B><FONT size=3 face=serif>V</FONT></B><B><FONT size=2 face=serif>ARIABLE </FONT></B><B><FONT size=3 face=serif>I</FONT></B><B><FONT size=2 face=serif>NSURANCE </FONT></B><B><FONT size=3 face=serif>T</FONT></B><B><FONT size=2 face=serif>RUST</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>J</FONT></B><B><FONT size=2 face=serif>OHN </FONT></B><B><FONT size=3 face=serif>H</FONT></B><B><FONT size=2 face=serif>ANCOCK </FONT></B><B><FONT size=3 face=serif>F</FONT></B><B><FONT size=2 face=serif>UNDS</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>J</FONT></B><B><FONT size=2 face=serif>OHN </FONT></B><B><FONT size=3 face=serif>H</FONT></B><B><FONT size=2 face=serif>ANCOCK </FONT></B><B><FONT size=3 face=serif>F</FONT></B><B><FONT size=2 face=serif>UNDS </FONT></B><B><FONT size=3 face=serif>II</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>J</FONT></B><B><FONT size=2 face=serif>OHN </FONT></B><B><FONT size=3 face=serif>H</FONT></B><B><FONT size=2 face=serif>ANCOCK </FONT></B><B><FONT size=3 face=serif>F</FONT></B><B><FONT size=2 face=serif>UNDS </FONT></B><B><FONT size=3 face=serif>III</FONT></B></TD></TR>

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   <TD align=center><B><U><FONT size=3 face=serif>S</FONT></U></B><B><U><FONT size=2 face=serif>ARBANES</FONT></U></B><B><U><FONT size=3 face=serif>-O</FONT></U></B><B><U><FONT size=2 face=serif>XLEY </FONT></U></B><B><U><FONT size=3 face=serif>C</FONT></U></B><B><U><FONT size=2 face=serif>ODE OF </FONT></U></B><B><U><FONT size=3 face=serif>E</FONT></U></B><B><U><FONT size=2 face=serif>THICS</FONT></U></B></TD></TR>

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   <TD noWrap align=center><B><U><FONT size=3 face=serif>P</FONT></U></B><B><U><FONT size=2 face=serif>RINCIPAL </FONT></U></B><B><U><FONT size=3 face=serif>E</FONT></U></B><B><U><FONT size=2 face=serif>XECUTIVE</FONT></U></B><B><U><FONT size=3 face=serif>, P</FONT></U></B><B><U><FONT size=2 face=serif>RINCIPAL </FONT></U></B><B><U><FONT size=3 face=serif>F</FONT></U></B><B><U><FONT size=2 face=serif>INANCIAL </FONT></U></B><B><U><FONT size=3 face=serif>O</FONT></U></B><B><U><FONT size=2 face=serif>FFICERS </FONT></U></B><B><U><FONT size=3 face=serif>&amp; T</FONT></U></B><B><U><FONT size=2 face=serif>REASURER</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>I. Covered Officers/Purpose of the Code</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>This code of ethics (this &#8220;Code&#8221;) for John Hancock Variable Insurance Trust, John Hancock Funds</FONT><SUP><FONT size=3 face=serif>1</FONT></SUP><FONT size=3 face=serif>, John Hancock Funds II and John Hancock Funds III, each a registered management investment company under the Investment Company Act of 1940, as amended (&#8220;1940 Act&#8221;), which may issue shares in separate and distinct series (each investment company and series thereunder to be hereinafter referred to as a &#8220;Fund&#8221;), applies to each Fund&#8217;s Principal Executive Officer (&#8220;President&#8221;), Principal Financial Officer (&#8220;Chief Financial Officer&#8221;) and Treasurer (&#8220;Treasurer&#8221;) (the &#8220;Covered Officers&#8221; as set forth in </FONT><U><FONT size=3 face=serif>Exhibit A</FONT></U><FONT size=3 face=serif>) for the purpose of promoting:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (&#8220;SEC&#8221;) and in other public communications made by the Fund;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>compliance with applicable laws and governmental rules and regulations;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>accountability for adherence to the Code.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=serif></FONT></SUP>&nbsp;</P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=serif>____________________________________<BR></FONT></SUP><SUP><FONT size=2 face=serif>1 </FONT></SUP><FONT size=2 face=serif>John Hancock Funds includes the following trusts: John Hancock Financial Opportunities Fund; John Hancock Bond Trust; John Hancock California Tax-Free Income Fund; John Hancock Capital Series; John Hancock Current Interest; John Hancock Income Securities Trust; John Hancock Investment Trust; John Hancock Investment Trust II; John Hancock Investment Trust III; John Hancock Investors Trust; John Hancock Municipal Securities Trust; John Hancock Premium Dividend Fund ; John Hancock Preferred Income Fund; John Hancock Preferred Income Fund II; John Hancock Preferred Income Fund III; John Hancock Series Trust; John Hancock Sovereign Bond Fund; John Hancock Strategic Series; John Hancock Tax-Exempt Series Fund; John Hancock Tax-Advantaged Dividend Income Fund; John Hancock Tax-Advantaged Global Shareholder Yield Fund and John Hancock Hedged Equity and Income Fund.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Each of the Covered Officers should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>A &#8220;conflict of interest&#8221; occurs when a Covered Officer&#8217;s private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between the Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;) and the Investment Advisers Act of 1940, as amended (the &#8220;Investment Advisers Act&#8221;). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as &#8220;affiliated persons&#8221; of the Fund. Each of the Covered Officers is an officer or employee of the investment adviser or a service provider (&#8220;Service Provider&#8221;) to the Fund. The Fund&#8217;s, the investment adviser&#8217;s and the Service Provider&#8217;s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it is recognized by the Fund&#8217;s Board of Trustees/Directors (the &#8220;Board&#8221;) that the Covered Officers may also be officers or employees of one or more other investment companies covered by other Codes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Each Covered Officer must:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Additionally, conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Fund&#8217;s Chief Compliance Officer (&#8220;CCO&#8221;). Examples of these include:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>service as a director/trustee on the board of any public or private company;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>the receipt of any non-nominal gifts;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety (or other formulation as the Fund already uses in another code of conduct);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>any ownership interest in, or any consulting or employment relationship with, any of the Fund&#8217;s service providers, other than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer&#8217;s employment, such as compensation or equity ownership.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>III. Disclosure &amp; Compliance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund&#8217;s directors and auditors, and to governmental regulators and self-regulatory organizations;</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Fund&#8217;s adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>IV. Reporting &amp; Accountability</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Each Covered Officer must:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>upon adoption of the Code (or thereafter as applicable, upon becoming an Covered Officer), affirm in writing to the Fund&#8217;s CCO that he/she has received, read, and understands the Code;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>annually thereafter affirm to the Fund&#8217;s CCO that he/she has complied with the requirements of the Code;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>notify the Fund&#8217;s CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation of this Code); and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>report at least annually any change in his/her affiliations from the prior year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Fund&#8217;s CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund&#8217;s Board or the Compliance Committee thereof (the &#8220;Committee&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Fund will follow these procedures in investigating and enforcing this Code:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>the Fund&#8217;s CCO will take all appropriate action to investigate any potential violations reported to him/her;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee;</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>if the Board or, if applicable, Compliance Committee concurs that a violation has occurred, the Board, either upon its determination of a violation or upon recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant&#8217;s Executive Officer;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>V. Other Policies &amp; Procedures</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund&#8217;s adviser, any sub-adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund&#8217;s and its investment adviser&#8217;s codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Covered Officers and others, and are not part of this Code.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>VI. Amendments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Fund&#8217;s Board, including a majority of independent directors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>VII. Confidentiality</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund&#8217;s Board and its counsel, the investment adviser and the relevant Service Providers.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>VIII. Internal Use</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.</FONT></P>

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   <TD align=center><B><U><FONT size=3 face=serif>Exhibit A</FONT></U></B></TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>Persons Covered by this Code of Ethics</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>(As of June 2013)</FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>John Hancock Variable Insurance Trust</FONT></B><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Principal Executive Officer and President &#8211; Hugh McHaffie</FONT><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Principal Financial Officer and Chief Financial Officer &#8211; Charles Rizzo</FONT><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Treasurer &#8211; Salvatore Schiavone</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>John Hancock Funds</FONT></B><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Principal Executive Officer and President &#8211; Hugh McHaffie</FONT><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Principal Financial Officer and Chief Financial Officer &#8211; Charles Rizzo</FONT><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Treasurer &#8211; Salvatore Schiavone</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>John Hancock Funds II</FONT></B><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Principal Executive Officer and President &#8211; Hugh McHaffie</FONT><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Principal Financial Officer and Chief Financial Officer &#8211; Charles Rizzo</FONT><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Treasurer &#8211; Salvatore Schiavone</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>John Hancock Funds III</FONT></B><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Principal Executive Officer and President &#8211; Hugh McHaffie</FONT><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Principal Financial Officer and Chief Financial Officer &#8211; Charles Rizzo</FONT><BR><FONT face=sans-serif><FONT size=1>&#9658;</FONT> </FONT><FONT size=3 face=serif>Treasurer &#8211; Salvatore Schiavone</FONT></P>

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<FILENAME>e_proxyvoting122812.htm
<DESCRIPTION>PROXY VOTING PROCEDURES
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    <TD STYLE="width: 100%; border: windowtext 1.5pt double; font: bold 16pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">General Compliance Policies for Trust &amp; Adviser</TD></TR>
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    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 14pt Arial, Helvetica, Sans-Serif">Section 7:</TD>
    <TD STYLE="width: 81%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 14pt Arial, Helvetica, Sans-Serif">Disclosures, Filings, and Reporting</TD></TR>
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    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: white">7Ha.</TD>
    <TD STYLE="width: 91%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: white">John Hancock Funds Proxy Voting Procedures</TD></TR>
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    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp; Version Effective Date 1 01-01-2012 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Versions prior to 01-01-2012 available from the CCO&rsquo;s Office upon request.</TD></TR>
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    <TD STYLE="width: 100%; border: windowtext 1pt solid; font: bold 11pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: white">General</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Trustees (the &ldquo;Board&rdquo;)
        of each registered investment company in the John Hancock family of funds listed on Schedule A (collectively, the &ldquo;Trust&rdquo;),
        including a majority of the Trustees who are not &ldquo;interested persons&rdquo; (as defined in the Investment Company Act of
        1940, as amended (the &ldquo;1940 Act&rdquo;)) of the Trust (the &ldquo;Independent Trustees&rdquo;), adopts these proxy voting
        policies and procedures.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each fund of the Trust or any other registered
        investment company (or series thereof) (each, a &ldquo;fund&rdquo;) is required to disclose its proxy voting policies and procedures
        in its registration statement and, pursuant to Rule 30b1-4 under the 1940 Act, file annually with the Securities and Exchange Commission
        and make available to shareholders its actual proxy voting record. In this regard, the Trust Policy is set forth below.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Delegation of Proxy Voting Responsibilities</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is the policy of the Trust to delegate the
        responsibility for voting proxies relating to portfolio securities held by a fund to the fund&rsquo;s investment adviser (&ldquo;adviser&rdquo;)
        or, if the fund&rsquo;s adviser has delegated portfolio management responsibilities to one or more investment sub-adviser(s), to
        the fund&rsquo;s sub-adviser(s), subject to the Board&rsquo;s continued oversight. The sub-adviser for each fund shall vote all
        proxies relating to securities held by each fund and in that connection, and subject to any further policies and procedures contained
        herein, shall use proxy voting policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6 under the
        Investment Advisers Act of 1940, as amended (the &ldquo;Advisers Act&rdquo;).</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as noted below under Material Conflicts
        of Interest, the Trust Policy with respect to a fund shall incorporate that adopted by the fund&rsquo;s sub-adviser with respect
        to voting proxies held by its clients (the &ldquo;Sub-adviser Policy&rdquo;). Each Sub-adviser Policy, as it may be amended from
        time to time, is hereby incorporated by reference into the Trust Policy. Each sub-adviser to a fund is directed to comply with
        these policies and procedures in voting proxies relating to portfolio securities held by a fund, subject to oversight by the fund&rsquo;s
        adviser and by the Board. Each adviser to a fund retains the responsibility, and is directed, to oversee each sub-adviser&rsquo;s
        compliance with these policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary
        or appropriate to discharge its oversight responsibility. Additionally, the Trust&rsquo;s Chief Compliance Officer (&ldquo;CCO&rdquo;)
        shall conduct such monitoring and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately
        discharge the CCO&rsquo;s role in overseeing the sub-advisers&rsquo; compliance with these policies and procedures.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The delegation by the Board of the authority
        to vote proxies relating to portfolio securities of the funds is entirely voluntary and may be revoked by the Board, in whole or
        in part, at any time.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Voting Proxies of Underlying Funds of a
        Fund of Funds</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">A.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where the Fund of Funds is not the Sole Shareholder of the Underlying Fund</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">With respect to voting proxies relating
        to the shares of an underlying fund (an &ldquo;Underlying Fund&rdquo;) held by a fund of the Trust operating as a fund of funds
        (a &ldquo;Fund of Funds&rdquo;) in reliance on Section 12(d)(1)(G) of the 1940 Act where the Underlying Fund has shareholders other
        than the Fund of Funds which are not other Fund of Funds, the Fund of Funds will vote proxies relating to shares of the Underlying
        Fund in the same proportion as the vote of all other holders of such Underlying Fund shares.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">B.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where the Fund of Funds is the Sole Shareholder of the Underlying Fund</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">In the event that one or more Funds
        of Funds are the sole shareholders of an Underlying Fund, the adviser to the Fund of Funds or the Trust will vote proxies relating
        to the shares of the Underlying Fund as set forth below unless the Board elects to have the Fund of Funds seek voting instructions
        from the shareholders of the Funds of Funds in which case the Fund of Funds will vote proxies relating to shares of the Underlying
        Fund in the same proportion as the instructions timely received from such shareholders.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.45in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where Both the Underlying Fund and the Fund of Funds are Voting on Substantially Identical
        Proposals</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that the Underlying Fund and the
        Fund of Funds are voting on substantially identical proposals (the &ldquo;Substantially Identical Proposal&rdquo;), then the adviser
        or the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the vote of the shareholders
        of the Fund of Funds on the Substantially Identical Proposal.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.45in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where the Underlying Fund is Voting on a Proposal that is Not Being Voted on By the Fund
        of Funds</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">(a)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where there is No Material Conflict of Interest Between the Interests of the Shareholders
        of the Underlying Fund and the Adviser Relating to the Proposal</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In the event that the Fund of Funds
        is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and
        there is no material conflict of interest between the interests of the shareholders of the Underlying Fund and the adviser relating
        to the Proposal, then the adviser will vote proxies relating to the shares of the Underlying Fund pursuant to its Proxy Voting
        Procedures.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">(b)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where there is a Material Conflict of Interest Between the Interests of the Shareholders
        of the Underlying Fund and the Adviser Relating to the Proposal </U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In the event that the Fund of Funds
        is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and
        there is a material conflict of interest between the interests of the shareholders of the Underlying Fund and the adviser relating
        to the Proposal, then the Fund of Funds will seek voting instructions from the shareholders of the Fund of Funds on the proposal
        and will vote proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from
        such shareholders. A material conflict is generally defined as a proposal involving a matter in which the adviser or one of its
        affiliates has a material economic interest.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Material Conflicts of Interest </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If: (1) a sub-adviser to a fund becomes aware
        that a vote presents a material conflict between the interests of: (a) shareholders of the fund; and (b) the fund&rsquo;s adviser,
        sub-adviser, principal underwriter, or any of their affiliated persons, and (2) the sub-adviser does not propose to vote on the
        particular issue in the manner prescribed by its Sub-adviser Policy or the material conflict of interest procedures set forth in
        its Sub-adviser Policy are otherwise triggered, then the sub-adviser will follow the material conflict of interest procedures set
        forth in its Sub-adviser Policy when voting such proxies.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If a Sub-adviser Policy provides that in the
        case of a material conflict of interest between fund shareholders and another party, the sub-adviser will ask the Board to provide
        voting instructions, the sub-adviser shall vote the proxies, in its discretion, as recommended by an independent third party, in
        the manner prescribed by its Sub-adviser Policy or abstain from voting the proxies.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Securities Lending Program</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain of the funds participate in a securities
        lending program with the Trust through an agent lender. When a fund&rsquo;s securities are out on loan, they are transferred into
        the borrower&rsquo;s name and are voted by the borrower, in its discretion. Where a sub-adviser determines, however, that a proxy
        vote (or other shareholder action) is materially important to the client&rsquo;s account, the sub-adviser should request that the
        agent recall the security prior to the record date to allow the sub-adviser to vote the securities.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Disclosure of Proxy Voting Policies and
        Procedures in the Trust&rsquo;s Statement of Additional Information (&ldquo;SAI&rdquo;)</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust shall include in its SAI a summary
        of the Trust Policy and of the Sub-adviser Policy included therein. (In lieu of including a summary of these policies and procedures,
        the Trust may include each full Trust Policy and Sub-adviser Policy in the SAI.)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Disclosure of Proxy Voting Policies and
        Procedures in</B> <B>Annual and Semi-Annual Shareholder Reports </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust shall disclose in its annual and
        semi-annual shareholder reports that a description of the Trust Policy, including the Sub-adviser Policy, and the Trust&rsquo;s
        proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission&rsquo;s
        (&ldquo;SEC&rdquo;) website, and without charge, upon request, by calling a specified toll-free telephone number. The Trust will
        send these documents within three business days of receipt of a request, by first-class mail or other means designed to ensure
        equally prompt delivery.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Filing of Proxy Voting Record on Form N-PX
        </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust will annually file its complete proxy
        voting record with the SEC on Form N-PX. The Form N-PX shall be filed for the twelve months ended June 30 no later than August
        31 of that year.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: gray">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 11pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: white">Procedure</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Review of Sub-advisers&rsquo; Proxy Voting</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust has delegated proxy voting authority
        with respect to fund portfolio securities in accordance with the Trust Policy, as set forth above.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consistent with this delegation, each sub-adviser
        is responsible for the following:</P>
<OL START="1" TYPE="1" STYLE="margin-top: 0in">

        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Implementing written policies and procedures, in compliance with Rule
        206(4)-6 under the Advisers Act, reasonably designed to ensure that the sub-adviser votes portfolio securities in the best interest
        of shareholders of the Trust.</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Providing the adviser with a copy and description of the Sub-adviser
        Policy prior to being approved by the Board as a sub-adviser, accompanied by a certification that represents that the Sub-adviser
        Policy has been adopted in conformance with Rule 206(4)-6 under the Advisers Act. Thereafter, providing the adviser with notice
        of any amendment or revision to that Sub-adviser Policy or with a description thereof. The adviser is required to report all material
        changes to a Sub-adviser Policy quarterly to the Board. The CCO&rsquo;s annual written compliance report to the Board will contain
        a summary of the material changes to each Sub-adviser Policy during the period covered by the report.</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Providing the adviser with a quarterly certification indicating that
        the sub-adviser did vote proxies of the funds and that the proxy votes were executed in a manner consistent with the Sub-adviser
        Policy. If the sub-adviser voted any proxies in a manner inconsistent with the Sub-adviser Policy, the sub-adviser will provide
        the adviser with a report detailing the exceptions.</LI>
</OL>

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Adviser Responsibilities </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust has retained a proxy voting service
        to coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust&rsquo;s reports on Form N-PX
        with the SEC.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adviser, in accordance with its general
        oversight responsibilities, will periodically review the voting records maintained by the proxy voting service in accordance with
        the following procedures:</P>
<OL START="1" TYPE="1" STYLE="margin-top: 0in">

        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Receive a file with the proxy voting information directly from each
        sub-adviser on a quarterly basis.</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Select a sample of proxy votes from the files submitted by the sub-advisers
        and compare them against the proxy voting service files for accuracy of the votes.</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Deliver instructions to shareholders on how to access proxy voting
        information via the Trust&rsquo;s semi-annual and annual shareholder reports.</LI>
</OL>

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Proxy Voting Service Responsibilities</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Aggregation of Votes:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The proxy voting service&rsquo;s proxy disclosure
        system will collect fund-specific and/or account-level voting records, including votes cast by multiple sub-advisers or third party
        voting services.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Reporting:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The proxy voting service&rsquo;s proxy disclosure
        system will provide the following reporting features:</P>
<OL START="1" TYPE="1" STYLE="margin-top: 0in">

        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">multiple report export options;</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">report customization by fund-account, portfolio manager, security,
        etc.; and</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">account details available for vote auditing.</LI>
</OL>

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Form N-PX Preparation and Filing:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adviser will be responsible for oversight
        and completion of the filing of the Trust&rsquo;s reports on Form N-PX with the SEC. The proxy voting service will prepare the
        EDGAR version of Form N-PX and will submit it to the adviser for review and approval prior to filing with the SEC. The proxy voting
        service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before
        August 31 of each year.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Adoption Schedule</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #B3B3B3">
    <TD STYLE="width: 82%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Name of Trust</TD>
    <TD STYLE="width: 18%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Adopted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Variable Insurance Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/28/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Funds II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/28/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Funds III</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Bond Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock California Tax-Free Income Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Capital Series</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Current Interest</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Equity Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust III</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Municipal Securities Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Series Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Sovereign Bond Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Strategic Series</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Exempt Series</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock World Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund III</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Patriot Premium Dividend Fund II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Bank &amp; Thrift Opportunity Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Income Securities Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investors Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Advantaged Dividend Income Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Advantaged Global Shareholder Yield Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
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<TYPE>EX-99
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<FILENAME>f_govtcommittee090313.htm
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
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   <TD align=center><B><FONT size=3 face=serif>JOHN HANCOCK FUNDS</FONT></B><B><SUP><FONT size=3 face=serif>1</FONT></SUP></B></TD></TR>

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   <TD noWrap align=center><B><U><FONT size=3 face=serif>NOMINATING AND GOVERNANCE COMMITTEE CHARTER</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=3 face=serif>Overall Role and Responsibility</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Nominating and Governance Committee (the &#8220;Committee&#8221;) of each of the Trusts shall (1) make determinations and recommendations to the Board of Trustees (the &#8220;Board&#8221;) regarding issues related to (a) the composition of the Board and (b) corporate governance matters applicable to the Trustees who are not &#8220;interested persons&#8221; as defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), of any of the Trusts, or of any Fund&#8217;s investment adviser, subadviser or principal underwriter and who are &#8220;independent&#8221; as defined in the rules of the New York Stock Exchange (&#8220;NYSE&#8221;) (the &#8220;Independent Trustees&#8221;) and (2) discharge such additional duties, responsibilities and functions as are delegated to it from time to time.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Membership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Nominating and Governance Committee (the &#8220;Committee&#8221;) shall be composed of all of the Independent Trustees of the Board. One member of the Committee shall be appointed by the Board as Chair of the Committee. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, presiding over meetings of the Committee and making reports to the full Board, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Structure, Operations and Governance</FONT></B></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Meetings and Actions by Written Consent</FONT></U><FONT size=3 face=serif>. The Committee shall meet as often as required or as the Committee deems appropriate, with or without management present. Meetings may be called and notice given by the Committee chair or a majority of the members of the Committee. Members may attend meetings in person or by telephone. The Committee may act by written consent to the extent permitted by law and the Funds&#8217; governing documents. The Committee shall report to the Board on any significant action it takes not later than the next following Board meeting.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Required Vote and Quorum</FONT></U><FONT size=3 face=serif>. The affirmative vote of a majority of the members of the Committee participating in any meeting of the Committee at which a quorum is present is necessary for the adoption of any resolution. At least a majority of the Committee members present at the meeting in person or by telephone shall constitute a quorum for the transaction of business.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=serif>_____________________________<BR></FONT></SUP><SUP><FONT size=2 face=serif>1 </FONT></SUP><FONT size=2 face=serif>&#8220;John Hancock Funds&#8221; includes each trust and series thereof listed in Appendix A, as may be amended from time to time (each individually, a &#8220;Trust,&#8221; and collectively, the &#8220;Trusts,&#8221; and each series thereof, a &#8220;Portfolio&#8221; or &#8220;Fund,&#8221; and collectively, the &#8220;Portfolios&#8221; or &#8220;Funds&#8221;).</FONT></P>

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<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Delegation to Subcommittees</FONT></U><FONT size=3 face=serif>. The Committee may delegate any portion of its authority to a subcommittee of one or more members.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Appropriate Resources and Authority</FONT></U><FONT size=3 face=serif>. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds&#8217; expense, as it determines necessary or appropriate to carry out its duties and responsibilities. In addition, the Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Review of Charter</FONT></U><FONT size=3 face=serif>. The Committee Charter shall be approved by at least a majority of the Independent Trustees of the Trust. The Committee shall review and assess the adequacy of this Charter periodically and, where necessary or as it deems desirable, will recommend changes to the Board for its approval. The Board may amend this Charter at any time in response to recommendations from the Committee or on its own motion.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Executive Sessions</FONT></U><FONT size=3 face=serif>. The Committee may meet privately and may invite non-members to attend such meetings. The Committee may meet with representatives of the Investment Management Services department of the Funds&#8217; advisers, internal legal counsel of the Funds&#8217; advisers, members of the John Hancock Funds Risk &amp; Investment Operations Committee (the &#8220;RIO Committee&#8221;) and with representatives of the Funds&#8217; service providers, including the subadvisers, to discuss matters that relate to the areas for which the Committee has responsibility.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Specific Duties and Responsibilities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. Except where a Trust is legally required to nominate individuals recommended by another, to identify individuals qualified to serve as Independent Trustees of the Trusts, and to consider and recommend to the full Board nominations of individuals to serve as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. To periodically review the Board&#8217;s committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board&#8217;s committees, and</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>6. To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board&#8217;s sole authority to approve the firm&#8217;s fees and other retention terms.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>7. To consider and determine the amount of compensation to be paid by the Trusts to the Independent Trustees, including the compensation of the Chair of the Board or any Vice-Chair of the Board and of Committee Chairs, and to address compensation-related matters. The Chair of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Trusts provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>8. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>9. To review the Board Governance Procedures and recommend to the Board of Trustees changes to the Procedures as the Committee deems appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>10. To report its activities to the full Board and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Additional Responsibilities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Committee will also perform other tasks assigned to it from time to time by the Chair of the Board or by the Board, and will report findings and recommendations to the Board, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Last revised:</FONT></P>

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   <TD noWrap align=center><U><FONT size=3 face=serif>ANNEX A</FONT></U>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=3 face=serif>The Committee may take into account a wide variety of factors in considering Trustee candidates, including (but not limited to) the criteria set forth below. The Committee may determine that a candidate who does not satisfy these criteria in one or more respects should nevertheless be considered as a nominee if the Committee finds that the criteria satisfied by the candidate and the candidate&#8217;s other qualifications demonstrate the appropriate level of fitness to serve.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>General Criteria</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards, and such other personal characteristics as a capacity for leadership and the ability to work well with others.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. Nominees should have business, professional, academic, financial, accounting or other experience and qualifications which demonstrate that they will make a valuable contribution as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the investment adviser, and to act in the interests of all shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a trustee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>6. Nominees should have experience on corporate or other institutional bodies having oversight responsibilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>It is the intent of the Committee that at least one Independent Trustee be an &#8220;audit committee financial expert&#8221; as that term is defined in Item 3 of Form N-CSR.</FONT></P></DIV>

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<I><FONT size=3 face="serif">Application of Criteria to Current Trustees</FONT></I></P>
<P style="text-align: left;">
<FONT size=3 face="serif">The re-nomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustee&#146;s contribution to the Board and any committee on which he or she serves.</FONT></P>
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<B><FONT size=3 face="serif">Review of Nominations</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="serif">1. The Committee believes that it is in the best interests of each Trust and its shareholders to obtain highly-qualified candidates to serve as members of the Board.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">2. In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate. These factors may include (but are not limited to) the person&#146;s character, integrity, judgment, skill, diversity and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate&#146;s experience with the experience of other Board members; and the extent to which the candidate would be a desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person&#146;s availability and commitment to attend meetings and perform his or her responsibilities; whether or not the person has or had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or any subadviser of the Funds, as applicable, Fund service providers, or their affiliates or with Fund shareholders. The Committee will strive to achieve a group that reflects a diversity of experiences in respect of industries, professions and other experiences, and that is diversified as to gender and race.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">3. While the Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates, the Committee may consider nominees recommended by any source, including shareholders, management, legal counsel and Board members, as it deems appropriate. The Committee may retain a professional search firm or a consultant to assist the Committee in a search for a qualified candidate. Any recommendations from shareholders shall be directed to the Secretary of the relevant Trust at such address as is set forth in the Trust&#146;s disclosure documents. Recommendations from management may be submitted to the Committee Chair. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified in the relevant Trust&#146;s By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.</FONT></P>
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<FONT size=3 face="serif">4. Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder&#146;s candidate among the slate of its designated nominees, the candidate&#146;s name will be placed on the Trust&#146;s proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder&#146;s candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the Trust&#146;s proxy statement.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">5. As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the relevant Trust. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means as discussed in this Annex A.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">6. With respect to candidates for Independent Trustee, a biography of each candidate shall be acquired and shall be reviewed by counsel to the Independent Trustees and counsel to the Trust to determine the candidate&#146;s eligibility to serve as an Independent Trustee.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">7. The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Trustee candidates as it deems necessary or appropriate.</FONT></P>
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<FONT size=3 face="serif">8. After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.</FONT></P>
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   <TD align=center><B><FONT size=3 face=serif>Appendix A</FONT></B></TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>List of John Hancock Fund Trusts</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Financial Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Investors Trust</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Bond Trust</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Municipal Securities Trust</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock California Tax-Free Income Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Preferred Income Fund</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Capital Series</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Preferred Income Fund II</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Current Interest</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Preferred Income Fund III</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Emerging Markets Income Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Premium Dividend Fund</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Flexible Income Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Series Trust</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Funds II</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Sovereign Bond Fund</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Funds III</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Strategic Diversified Income Fund</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Hedged Equity &amp; Income Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Strategic Series</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Income Securities Trust</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Tax-Advantaged Dividend Income Fund</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Investment Trust</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Investment Trust II</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Tax-Exempt Series Fund</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Investment Trust III</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Variable Insurance Trust</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
